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GBP/USD sets eye on 1.54

© Dukascopy Bank SA
"It should be noted that our outlook has become increasingly negative medium to longer term for GBP/USD and below the 1.5173 55 week ma the market should sell off hard."
- Commerzbank (based on FX Street)

Pair's Outlook
Despite strong US fundamentals, the Sterling still managed to inch higher against the Greenback yesterday. The Cable did experience downside volatility, but was pushed back up by the weekly R1, unwilling to stabilise under the 1.55 level. Today the British Pound is expected to suffer losses, but a powerful support cluster rests around 1.54, which is likely to limit the fall. Technical studies, however, are giving mixed signals in the daily timeframe.

Traders' Sentiment
SWFX bullish traders' sentiment returned to its Wednesday's level of 58% (previously 59%). At the same time, the portion of commands to acquire the Pound added three percentage points. The orders now account for 56% of the market.

© Dukascopy Bank SA

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