Dukascopy - Analytics

    Dukascopy

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    GBP/USD still in tight range between 1.52 and 1.54

    © Dukascopy Bank SA
    "U.S. growth momentum will take center stage today, with the second release of Q1 GDP expected to be revised down sharply."
    - Barclays (based on CNBC)

    Pair's Outlook
    On Thursday, the Cable edged down for the fourth day this week, although the fall was not as sharp as anticipated. GBP/USD  managed to reach the weekly S2, which caused the pair to bounce back a bit and settle at 1.5318. Although technical studies retain mixed signals in the daily timeframe, the longer periods give distinctly bullish signals, suggesting the Sterling is bound to regain the bullish momentum. Today if the Pound crosses the 1.53 area, we might see more weakness down to the 1.52 level, from which the solid rebound should occur in the future.

    Traders' Sentiment
    Bulls keep growing in numbers, as 47% of traders hold long positions today, while the share of purchase orders increased from 56 to 60%.

    © Dukascopy Bank SA

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