Dukascopy - Analytics


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GBP/USD stuck between 1.5560 and 1.56

© Dukascopy Bank SA
"I think the point of 'lift-off' is close, the economy has made great gains and is approaching an acceptable normal, conditions are no longer extraordinary."
- Dennis Lockhart, Atlanta Fed President (based on WBP Online)

Pair's Outlook
The Greenback weakened against the Sterling yesterday, after FOMC member Fischer's dovish statement concerning the September interest rate hike.  As a result, the Cable soared towards the third resistance area, but closed slightly lower at 1.5585. Weakness is still expected after such a substantial rally, with the support cluster around 1.5560 limiting the losses. However, poor US fundamentals could still push the British Pound even higher above 1.5620, negating last week's losses, as technical indicators remain mixed.

Traders' Sentiment
SWFX traders' sentiment returned to its Friday's level of 51%, with bulls barely remaining in the majority. The number of purchase orders increased by nine percentage points, up to 58%.

© Dukascopy Bank SA

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