Dukascopy - Analytics


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GBP/USD pressured down by supply at 1.58

© Dukascopy Bank SA
"Worries about the U.S. economic outlook have been a major factor behind the dollar's recent pullback."
- JPMorgan Chase (based on CNBC)

Pair's Outlook
Yet again the Sterling underperformed, but still managed to edge up against the US Dollar. The resistance cluster just under 1.58 has prevented the Cable from appreciating too much, making it the third consecutive slowdown in growth. As a result, a rebound is imminent, although technical indicators are emitting mixed signals. Through Friday we can expect that Sterling to fall back to 1.57 level, which is supported by the monthly R1, and maybe even towards the weekly R1, close to 1.56.

Traders' Sentiment
Market sentiment keeps deteriorating, as 46% of traders hold long positions today (previously 47%). The number of buy orders increased by six percentage points to 59% of the market.

© Dukascopy Bank SA

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