Dukascopy - Analytics


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GBP/USD sets new target of 1.58

© Dukascopy Bank SA
"The Fed is concerned because they see these problems in Europe and in the world economy as basically a drag. The current turmoil in Greece may make people around the world even more reluctant to spend."
- Peterson Institute for International Economics (based on Bloomberg)

Pair's Outlook
On Monday, the Sterling appreciated against the US Dollar, but not as much as anticipated. The immediate resistance failed to stop the rally, but the given pair also did not reach the weekly PP at 1.5753, as it stabilised at 1.5727. Technical indicators keep showing bullish signs, although not as strong as yesterday, but still suggesting the Cable is to surge today. The weekly PP now acts as the immediate resistance, but we might even see a hike up to 1.58 if the fundamentals do not disappoint.

Traders' Sentiment
Long and short positions broke out of the equilibrium, as 55% of traders now have a positive outlook towards the Pound.

© Dukascopy Bank SA

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