Dukascopy - Analytics

    Dukascopy

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    GBP/USD decides whether to stay above or under 1.55

    © Dukascopy Bank SA
    "It [GBP/USD] has also completed a large bearish rising wedge pattern. The market will remain offered by the 1.5592 breached support line."
    - Commerzbank (based on FX Street)

    Pair's Outlook
    The Sterling succeeded in outperforming the American Dollar at the end of last week, although the 55-day SMA and the trend-line provided obstacles. The trade gap caused the Cable to open above the resistance trend-line today, but the given pair is expected to experience weakness. The weekly PP is providing support at 1.5490, which if breached would return the GBP/USD on a downsliding path. Technical indicators are giving bearish signals, bolstering the negative outcome.

    Traders' Sentiment
    Market sentiment weakened for the fifth time in a row, as long positions now account for only 54% of the market. The number of purchase orders, however, edged up from 47 to 56%.

    © Dukascopy Bank SA

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