Dukascopy - Analytics


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    GBP/USD in limbo, awaits US data

    © Dukascopy Bank SA
    "Rather than advancing higher or attempting to recover momentum against the dollar, it looks far more likely that sterling will continue drifting towards $1.51, with this being the level where traders found confidence throughout previous weeks that this might be a 'bottom' for the pair." 
    - FXTM (based on Business Recorder) 

    Pair's Outlook 
    In spite of worse-than-expected UK fundamentals, the Cable managed to surge on poor US economic data on Wednesday. The 229-pip rally was stopped only by the third resistance cluster around 1.5485, which might cause the Sterling to undergo a correction today. Nevertheless, if the US data turns out to be weak again today, the British Pound could reach a four-week high at 1.5568, bolstered by the 38.20% Fibo at that point. Technical studies also suggest the given pair is to edge higher by the end of the day. 

    Traders' Sentiment 
    The number of long positions remains unchanged since yesterday, taking up 58% of the market. The share of purchase orders, on the other hand, increased 17 percentage points to 52%.
    © Dukascopy Bank SA

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