Dukascopy - Analytics

    Dukascopy

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    GBP/USD flat at two-month high

    © Dukascopy Bank SA
    "And with the U.K. elections over, attention will shift back towards fundamentals and Bank of England policy and whether it can head towards hiking rates."
    - Barclays (based on CNBC)

    Pair's Outlook
    Last Friday, the Sterling extended its rally against the US Dollar for the fourth consecutive day. Even though GBP/USD stretched as far as 1.5522, 200-day SMA was able to provide resistance and force the Cable to close at 1.5415. Technical indicators retain bullish signals, suggesting the pair is to rise again today. 200-day acts as the closest resistance, as it has prevented Pound from surging several times in the past three weeks and might do so again today. As a result, we should not rule out a slump towards 1.5350 (weekly PP).

    Traders' Sentiment
    Market sentiment remains unchanged, with 47% of all positions being long. Meanwhile, the number of buy commands slid from 63 to 48%.

    © Dukascopy Bank SA

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