Dukascopy - Analytics

    Dukascopy

    472.50 6.00/10
    83% of positive reviews
    Real

    GBP/USD anchored around 1.5550

    © Dukascopy Bank SA
    "Nevertheless, it seems that the MPC vote could be split by the end of the summer. Even so, we would argue that it would be some months before the majority of the committee vote in favour of a rate rise. We continue to favour steady policy until May 2016."
    - Rabobank (based on FX Street)

    Pair's Outlook
    Despite better-than-expected UK fundamental data, the Cable still sustained losses at the end of last week. The strong support cluster around 1.56 was breached, as the pair extended its bearish two-week trend. The British Pound is expected to experience more weakness today and fall down to either around 1.55 or 1.5477, where the lower Bollinger band rests. Nonetheless, a possibility of a surge remains, but the earlier mentioned barrier, which is now providing resistance, will be hard to penetrate.

    Traders' Sentiment
    Bulls keep prevailing over bears, as 59% of all positions are long today (previously 58%). The number of orders to acquire the Sterling, however, slid from 59 to 56%.

    © Dukascopy Bank SA

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