Dukascopy - Analytics

    Dukascopy

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    GBP/USD risks falling to two-week low

    © Dukascopy Bank SA
    "The United Kingdom is relatively well insulated from the direct consequences of events in Greece. UK banks' exposures to Greece are very small relative to their capital bases."
    - Mark Carney, BoE Governor (based on WBP Online)

    Pair's Outlook
    The Sterling surprised with its performance for the second day, as it suffered serious losses against the US Dollar. Losses, however, were limited by a strong support cluster around 1.56, but risks of falling even deeper persist. Yesterday's outstanding US fundamentals forced the Cable to decline and might negatively influence the GBP/USD today. Technical studies retain bullish signals, suggesting the pair could rally back towards 1.57, while a slump towards 1.55 is also not out of the question.

    Traders' Sentiment
    There are more bulls than bears in the market, as 56% of all positions are long. Meanwhile, the number of buy orders remains unchanged at 54%.

    © Dukascopy Bank SA

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