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    GBP/USD gives 1.58 another shot

    © Dukascopy Bank SA
    "From an FX perspective, it is a blow to the narrative that April would bounce back after Q1 weakness and gives further legs to the USD correction."
    - RBC (based on Reuters)

    Pair's Outlook
    The Cable climbed up the ladder for the third consecutive day this week. Although GBP/USD stretched out to the weekly R2, 1.58 level could not be reached, forcing the pair to settle at 1.5731. On Thursday, the Sterling is likely to edge up again and reach 1.58, with the Bollinger band and weekly R2 acting as an immediate resistance cluster. However, the rally is seen slowing down through the week, indicating on a possible rebound in the near future. Technical studies are showing mixed signs, unable to confirm either scenario. 

    Traders' Sentiment
    The share of bulls remains unchanged at 47%, whereas the portion of purchase orders slid one percentage point. Buy commands now account for 53%.

    © Dukascopy Bank SA

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