Dukascopy - Analytics

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    GBP/USD attempts to break out of its current trading range

    © Dukascopy Bank SA
    "I do see the time to start raising rates in the near future, from my perspective."
    - John Williams, San Francisco Fed President (based on Reuters)

    Pair's Outlook
    A correction took place on Monday, pushing the GBP/USD slightly higher. The Cable tested the resistance cluster around 1.55, but failed to pierce it due to lack of momentum. A break of this given cluster is expected to ensure a bullish trend; however, a positive surprise in the US fundamentals is likely to cause a selloff. As a result, the Pound risks falling under the 1.54 major level, with the weekly PP at 1.5380 holding the losses. On the other hand, the given pair has the potential to reach the cluster around 1.5565, but the upper Bollinger band might prevent that from happening.

    Traders' Sentiment
    For the second day the share of bulls remains unchanged at 53%, whereas the number of buy orders inched higher from 36 to 53%.

    © Dukascopy Bank SA

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