Dukascopy - Analytics


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    GBP/USD hovers above 1.56

    © Dukascopy Bank SA
    "The U.S. GDP was mixed but on the whole it underpins the case for a rate hike. The market will continue to search for more hints on whether it will come in September or later." 
    - Barclays (based on CNBC) 

    Pair's Outlook
    The GBP/USD currency pair experienced some volatility yesterday, amid mixed US fundamental data. As a result, the Cable remained relatively unchanged, as the Sterling added only four pips against the Greenback. Furthermore, the weekly PP prevented the pair from edging lower by the end of the month and is likely to do so again today, in spite of mixed technical indicators. Trade is expected to close above the 1.56 level and possibly at 1.5638, namely the weekly R1, if the US fundamentals disappoint. 

    Traders' Sentiment 
    Bulls keep pushing forward, as there are now 49% of traders with a positive outlook towards the Sterling. The share of buy orders added ten percentage points. The orders now take up 54% of the market.
    © Dukascopy Bank SA

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