Dukascopy - Analytics

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GBP/USD awaits MPC Bank Rate Votes for a boost

© Dukascopy Bank SA
"Markets are getting excited as they have each time Carney has come out and given more of a firm lead on when they're going to raise rates."
- Bank of New York Mellon (based on Bloomberg)

Pair's Outlook
Even though the GBP/USD currency pair experienced rather substantial volatility yesterday, the pair still managed to appreciate. The weekly PP limited the gains, thus, rendering the support trend-line viable again. A strong support cluster rests at 1.5585, represented by the trend-line and 20 and 55-day SMAs, suggesting the Sterling is to advance today. The British Pound has the potential to reach the 1.58 major level, also bolstered by the weekly R2 and monthly R1; however, more dovish-than-expected MPC Bank Rate votes could turn the tables, resulting in a slump to around 1.55.

Traders' Sentiment
Bullish SWFX traders' sentiment takes up only 53% of the market; whereas, the share of buy orders inched up from 47 to 58%.

© Dukascopy Bank SA


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