Dukascopy - Analytics

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    GBP/USD to overcome 2015 high

    © Dukascopy Bank SA
    "If the BoE maintains a neutral outlook that places equal emphasis on the upside and downside risks, sterling will give up its gains quickly."
    - BK Asset Management (based on CNBC)

    Pair's Outlook
    The Cable outperformed yesterday, as it appreciated a lot more than anticipated. The 200-day SMA failed to stop the rally, and, as a result, the GBP/USD pair crossed the 1.55 level, before settling at 1.5576, namely the Bollinger band. Today the Sterling is likely to edge up again, with the closest resistance now located around 1.5615, represented by the weekly R1 and the Bollinger band. Meanwhile, technical indicators are still showing bullish signs, bolstering the positive outcome expectations.

    Traders' Sentiment
    The gap between bulls and bears narrowed, as 48% of all positions are long today (previously 47%). The buy orders shifted to the majority, now taking up 51% of the market.

    © Dukascopy Bank SA

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