Dukascopy - Analytics


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GBP/USD aims for 1.60

© Dukascopy Bank SA
"My colleagues and I would like to see more decisive evidence that a moderate pace of economic growth will be sustained."
- Janet Yellen, Federal Reserve Chair (based on MarketWatch) 

Pair's Outlook
Although GBP/USD reached weekly R2 from the downside on Friday, the trade still ended with the Cable edging slightly higher. However, the Sterling remained relatively unchanged against the US Dollar, as the Bollinger band capped the gains at 1.5883. Technical studies suggest the British Pound is to outperform the Buck for another day, but we should not rule out the possibility of the US fundamentals pressuring the Sterling down to 1.58. The upper Bollinger band is likely to cap the daily gains around 1.60 psychological level.

Traders' Sentiment
Market sentiment remains unchanged, with bulls taking up 51% of the market. The number of orders to purchase the Pound slid from 61 to 47%.

© Dukascopy Bank SA

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