Dukascopy - Analytics

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    GBP/USD to take another shot at the weekly PP

    © Dukascopy Bank SA
    "There is so much uncertainty, speculation, truth and partial truth that many markets are in stasis; waiting to see which way this goes."
    - National Australia Bank (based on CNBC)

    Pair's Outlook
    The Sterling declined versus the US Dollar on Tuesday, amid better-than-expected US fundamentals. As a result, the Cable suffered a 44-pip loss, with the 20-day SMA providing support. Nevertheless, the Pound is still likely to regain the bullish momentum today and attempt to stabilise over the weekly PP one more time. The 1.58 area remains the main target, which would give more strength for further growth once taken. Meanwhile, technical indicators keep giving bullish signals in the daily and weekly timeframes.

    Traders' Sentiment
    Traders' outlook towards the Cable slightly worsened, as 52% of positions are long today (previously 55%). The share of buy orders, however, inched up from 53 to 54%.

    © Dukascopy Bank SA

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