Dukascopy - Analytics


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GBP/USD endeavours to reclaim 1.57

© Dukascopy Bank SA
"These minutes don't give a clear view in either direction about September, about whether or not the Fed is more or less likely to hike in September. That is why you have seen the dollar sell off."
- Royal Bank of Scotland (based on CNBC)

Pair's Outlook
The GBP/USD tested the 1.57 level, but was still unable to fully breach the resistance area just under the major level. Nonetheless, the Sterling appreciated against the US currency, but a correction is likely to occur today, as the psychological area around 1.5690 keeps pressuring the Cable. From below the pair is supported by a cluster, represented by the weekly pp, 20 and 55-day SMAs, while the trend-line at 1.5556, also bolstered by the monthly PP, should limit any substantial losses. A rally is possible if the fundamentals turns in favour of the Pound, although technical studies remain mixed.

Traders' Sentiment
Bulls and bears reached a perfect equilibrium today, while the share of buy orders gained eight percentage points, up to 63%.

© Dukascopy Bank SA

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