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GBP/USD seeks support at two-week low

© Dukascopy Bank SA
"Lockhart was not scheduled to speak until Monday (10 Aug), so the hawkishness of the comments, and the timing of the interview is surprising."
- Citi (based on CNBC)

Pair's Outlook
The Cable was unable to retake the 1.56 major level on Tuesday, as it slumped under the trend-line, amid US official supporting Sept. rate hike. The bullish trend risks coming to an end if the GBP/USD currency pair fails to appreciate today and settled above the trend-line again. Although the Sterling continued to decline in the early hours today, the tide could still turn, as either the monthly PP or the strong support cluster around 1.5505 might cause a rebound. Nevertheless, gains are still likely to be limited by the weekly PP if they occur, even though technical studies retain their mixed signals.

Traders' Sentiment
Traders lost some confidence in the Pound, as only 54% of positions are long. The portion of buy commands also slid, from 54 to 47%.

© Dukascopy Bank SA

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