Dukascopy - Analytics


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GBP/USD stuck around 1.57 once again

© Dukascopy Bank SA
"Sterling is relatively stable right now because it is somewhat less exposed to the risks in China and elsewhere."
- FXTM (based on Reuters)

Pair's Outlook
Despite reaching a fresh two-month high yesterday, the Cable returned under the 1.57 psychological level. The GBP/USD failed to hold the gains, due to the Bollinger band providing immediate resistance, which might be reached again today. From below the pair remains supported by a strong cluster, located around the trend-line, while technical studies are now showing bullish signs. The rally might well extend towards the Bollinger band, and possibly even further if the US fundamentals disappoint today.

Traders' Sentiment
Positions are equally divided between the long and the short ones today, whereas the number of purchase orders remains unchanged at 61%.

© Dukascopy Bank SA

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