Dukascopy - Analytics

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    GBP/USD stuck between 1.51 and 23.60% Fibo

    © Dukascopy Bank SA
    "While a downbeat reading [of the US Payrolls] may cause relatively-straightforward reaction of dollar selling, an upbeat figure won't necessarily lead to a higher dollar."
    - Citigroup (based on Market Watch)

    Pair's Outlook
    The British Pound retested the 23.60% Fibo, but remained relatively unchanged over the day, having added only two pips. In spite of the Cable's attempts to edge higher today, the outlook remains bearish. The 23.60% Fibo keeps preventing the Sterling from climbing higher this week, thus, a chance of the GBP/USD reaching this area persist. The base case scenario, however, is a fall towards the 1.51 major level or the immediate support around 1.5025, namely the Bollinger band or the weekly S1. Moreover, technical indicators shifted from neutral to bearish, suggesting a decline is nigh.

    Traders' Sentiment
    Bullish market sentiment returned to its Wednesday's level of 63%, while the ratio of the buy and the sell orders is now equal to one.

    © Dukascopy Bank SA

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