Dukascopy - Analytics

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    GBP/USD trades flat, attempts to prolong the rally

    © Dukascopy Bank SA
    "We see very little to upset or upend the December rate hike, cumulatively, we think there's no reason for the Fed not to act."
    - U.S. Bank Wealth Management (based on Reuters)

    Pair's Outlook
    The Sterling outperformed the US Dollar yesterday, amid the budget announcement in the Autumn Forecast Statement. However, despite this correction, the Cable is still expected to touch the Nov low of 1.5026, before making its way higher to retest the down-trend. The weekly S1 is an obstacle today, providing immediate support and holding the losses for now. Technical studies in the daily timeframe shifted from bearish to mixed, suggesting there is a possibility for the GBP/USD to extend the rally, also taking advantage of the US bank holiday today.

    Traders' Sentiment
    Today 53% of traders are holding long positions (previously 52%), whereas the number of sell orders added 1% point, climbing to 58%.

    © Dukascopy Bank SA

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