Dukascopy - Analytics


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    GBP/USD keeps rising above 200-day SMA

    © Dukascopy Bank SA
    "(GBP/USD) remains under pressure and vulnerable to further declines, especially with the U.S. employment report ... providing the markets with optimism that we can expect a U.S. interest rate rise from the Federal Reserve this September."
    - FXTM  (based on Reuters) 

    Pair's Outlook
    Despite a large number of resistances the Cable preserved its bullish momentum and closed above the monthly pivot point. The potential upper limit is now 1.5565, where the 38.2% Fibo of the Jul 2014—Apr 2015 sell-off merges with the weekly R2 level. However, there is now an increased chance of a rally beyond the monthly R1 towards the May highs near 1.58. Another important level is 1.5878, represented by the 50% retracement.

    Traders' Sentiment
    There are still more bulls (59%) in the market than there are bears (41%), as the former do not seem to be willing to take profits after the latest rally just yet. As for the orders, there is no significant difference between the buy (53%) and sell (47%) ones right now.

    © Dukascopy Bank SA

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