Dukascopy - Analytics


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    GBP/USD risks falling under 1.53

    © Dukascopy Bank SA
    "Sterling has two issues. We need some clarity on the Fed cycle. The second issue is China and the unfinished business of the yuan devaluation. That's preventing people from jumping with both feet back into long-sterling positions."
    - ING Groep NV (based on Bloomberg) 

    Pair's Outlook 
    The Cable maintained trade in the tight range between the Bollinger band and 200-day SMA, remaining relatively unchanged over the day. However, the Bollinger band shifted more to the downside today, now located at 1.5238, near the weekly S1. As a result, the trading range widened, and the 200-day SMA can push the Sterling lower towards the new support cluster around 1.5230. The possibility of the GBP/USD regaining its bullish momentum persists, as the 1.53 major level might cause a rebound and with the help of the fundamental data force the pair to pierce the 200-day SMA. 

    Traders' Sentiment 
    SWFX traders' sentiment remains unchanged, with bulls taking up 56% of the market. The share of buy orders slid from 52 to 49%.
    © Dukascopy Bank SA

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