Dukascopy - Analytics

    Dukascopy

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    GBP/USD keeps struggling to appreciate

    © Dukascopy Bank SA
    "At the last press conference Janet Yellen expressed concerns about a lack of wage growth and given recent data it will be interesting to note if any other members share those concerns. Given recent events though you have to wonder whether or not the minutes may not be a little dated."
    - CMC Markets (based on WBP Online)

    Pair's Outlook
    Sterling suffered serious losses Tuesday amid worse-than-expected fundamental data. As a result, the immediate support was breached, causing GBP/USD to decline to a support cluster around 1.5460. The bearish trend is not yet to be broken, despite a possible rebound to occur today, with gains limited by the 55-day SMA at 1.5550. The SMA is also bolstered by the resistance trend-line, which prevented yesterday's rally. However, the British currency remains at risk of falling towards 1.53, due to the broad Greenback strengthening.

    Traders' Sentiment
    Less traders now have a positive outlook towards the Cable, namely 57% of them are bullish. The share of orders to buy the Pound also shrank, from 51 to 37%.

    © Dukascopy Bank SA

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