Dukascopy - Analytics

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    GBP/USD extends the correction for the second week

    © Dukascopy Bank SA
    "They [US New Home Sales] weren't extraordinary but good enough for a return to considering higher U.S. interest rates this year."
    - National Australia Bank (based on CNBC)

    Pair's Outlook
    Yesterday, the Sterling declined slightly more than anticipated, as the Cable crossed the immediate support at 1.5406, before stabilising at 1.5390. Moreover, the pair even reached a two-week low of 1.5350. Although the weekly S1 limited the losses, the support is likely to be breached today, with the second closest support located at 1.5260. Meanwhile, technical indicators keep giving mixed signals, unable to confirm the bearish scenario, as the Pound is edging higher during the morning hours.

    Traders' Sentiment
    Market sentiment weakened, as only 44% of traders hold long positions (previously 48%). The share of purchase orders dropped down by four percentage points 53%.

    © Dukascopy Bank SA

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