Dukascopy - Analytics


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    GBP/USD maintains channel pattern

    © Dukascopy Bank SA
    "Although they contained no outright surprises, the April FOMC minutes showed a few signs of participants growing more concerned about downside risks to the economic outlook, with little mention of offsetting upside risks."
    - JPMorgan (based on CNBC)

    Pair's Outlook
    The powerful support cluster around 1.55 managed to turn the tide for the Cable. Although the Sterling did rebound, the surge was only 30 pips long. The channel pattern remains intact, as the Cable is expected to extend its rally today. The weekly PP retains its role as the immediate resistance level, while technical indicators are giving bullish signals, bolstering the positive outcome. However, we should not rule out the possibility of a slump back to the support cluster if the US fundamentals outweigh the ones in the UK.

    Traders' Sentiment
    Market sentiment weakened, as only 45% of traders are now long the Pound. The share of buy commands, on the other hand, increased from 53 to 56%.

    © Dukascopy Bank SA

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