Dukascopy - Analytics

    Dukascopy

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    GBP/USD: bias still negative

    © Dukascopy Bank SA
    © Dukascopy Bank SA
    "Robust U.S. domestic demand growth remains the main driver of U.S. economic activity and justifies a December Fed funds rate increase. Still, we expect the Fed's tightening cycle to be gradual which will limit significant USD upside."
    - Commonwealth Bank (based on Reuters)

    Pair's Outlook
    The Cable's volatility almost reached the second support area yesterday, with trade closing at 1.5077, slightly above the expected level. The Sterling is now attempting to regain the bullish momentum, but the daily and weekly technical studies remain bearish. The Pound is now under the risk of falling  under the major level of 1.50, even though the Bollinger band is bolstering that area. Furthermore, the GBP/USD is first required to breach the weekly S2 and the November low (1.5027) in order to reach this target. 

    Traders' Sentiment
    Bulls took the upper hand, with 52% of all positions now long (previously 49%). Meanwhile, the gap between buy and sell orders keeps narrowing; today 43% of all commands are to buy the Pound.

    © Dukascopy Bank SA
    © Dukascopy Bank SA

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