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GBP/USD attempts to negate weekly losses

© Dukascopy Bank SA
"Today I will start discussions in earnest with fellow leaders on reforming the EU and renegotiating the UK's relationship with it."
- David Cameron, UK Prime Minister (based on Reuters) 

Pair's Outlook
The Sterling appreciated against the US Dollar for the second day yesterday. The British currency almost managed to erase Tuesday's losses, with the session high even stretching out to 1.57. However, the weekly PP limited the rally and forced the pair to settle at 1.5655. The Cable is likely to edge up again today, with the monthly R1 acting as the closest resistance at 1.5712. Nonetheless, a surge to 1.58 is also possible if the US fundamentals show weak figures. Technical indicators remain bullish, bolstering the positive outcome.

Traders' Sentiment
The share of bulls remained unchanged, still 45% of traders are long the Pound, whereas the portion of purchase orders increased from 56 to 69%.

© Dukascopy Bank SA


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