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GBP/USD aims to retake the 1.57 major level

© Dukascopy Bank SA
"The [May] surveys point to [UK] GDP growing at a quarterly rate of just 0.4% in May, raising doubts about the ability of the economy to rebound convincingly from the weakness seen at the start of the year."
- Markit (based on WBP Online)

Pair's Outlook
The Cable remained relatively unchanged last Friday, despite better-than-expected fundamental data. Nevertheless, the Sterling is still likely to outperform the US Dollar today. A strong resistance area rests near the open price, represented by the 1.57 psychological level and the monthly R1. If the GBP/USD receives enough boost, we should see a rally towards the weekly PP at 1.5753. Meanwhile, technical indicators retain their strong bullish signals in the daily and weekly timeframes.

Traders' Sentiment
Market sentiment has reached a perfect equilibrium today. At the same time, the number of orders to acquire the British Pound edged up from 56 to 62%.

© Dukascopy Bank SA

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