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    GBP/USD unable to break out of 1.52-1.54 cage

    © Dukascopy Bank SA
    "Dudley's views tend to be very much in line with the Board of Governors and this looks to be the last update from the Fed ahead of next FOMC meeting."
    - Westpac (based on CNBC)

    Pair's Outlook
    Yesterday the Sterling managed to rise against the US Dollar, but did not overstay its welcome above the 1.54 level. Upon reaching the weekly R1 at 1.5450, the British currency fell back to 1.5357, unable to pierce through the resistance cluster. As a result, a small correction is expected today. Technical studies are now giving distinctly bearish signals, bolstering the negative outcome. The closest support rests at 1.5343, namely the weekly PP, but the Cable is still likely to retreat to 1.53.

    Traders' Sentiment
    Although not as strong as yesterday, but market sentiment remains bullish at 59% (previously 60%). The share of buy orders also declined, from 64 to 47%.

    © Dukascopy Bank SA

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