Dukascopy - Analytics

    Dukascopy

    472.50 6.00/10
    83% of positive reviews
    Real

    GBP/USD in tight range between 1.56 and 1.5650

    © Dukascopy Bank SA
    "Near term risk for GBP lies with U.S. events and releases ahead of the July 22nd BoE MPC minutes' release."
    - Scotiabank (based on FX Street)

    Pair's Outlook
    Despite strong US fundamental data, the Cable remained relatively unchanged over Wednesday, as the pair dropped only eight pips. Even though the Sterling remained above the 1.56 level yesterday, it is likely to be tested again today. The 1.56 psychological level is also bolstered by the 20-day SMA and monthly PP, which altogether should prevent the pair from edging lower. Meanwhile, technical indicators retain their bearish signals, suggesting the pair is to decline again today.

    Traders' Sentiment
    Bulls and bears have reached a perfect equilibrium, whereas the portion of orders to acquire the Pound added six percentage points. The commands now take up 57% of the market.

    © Dukascopy Bank SA

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