Dukascopy - Analytics

    Dukascopy

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    GBP/USD risks retreating to 1.55

    © Dukascopy Bank SA
    "Despite the very low inflation [in the UK] there are signs that the underlying inflation pressure is increasing, especially as wage growth has picked up more than expected."
    - Danske Bank (based on FXStreet)


    Pair's Outlook 
    The Cable behaved according to the forecast yesterday, as it managed to stabilise above 1.56 major level. However, the weekly R1 was not reached and will doubtfully be taken today, as a correction is expected. The support cluster around 1.5545 could limit the losses, while a drop further below towards the support trend-line is more likely. Furthermore, there is a chance of the trend-line being breached, which would result in the Sterling falling below 1.55. Meanwhile, technical studies retain their mixed signals, unable to confirm the bearish outcome. 

    Traders' Sentiment 
    Bulls and bears have reached a perfect equilibrium today, whereas the number of buy orders declined from 55 to 53%.
    © Dukascopy Bank SA

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