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    GBP/USD to launch another attack on monthly R1

    © Dukascopy Bank SA
    "Of the Fed officials due to speak today, focus will be on whether Mester turns dovish."
    - Mizuho Securities (based on Reuters)

    Pair's Outlook
    Yesterday, amid broad USD weakness the Cable soared through the weekly R2 and even managed to test the 1.4681/53 resistance area, which consists of the weekly R3 and monthly R1 levels. Since the rally amounted to more than 190 pips, today we may expect a bearish correction to take place. The price will probably stabilise near 1.4533 and then make another attempt to conquer 1.4681/53. Above this resistance GBP/USD should aim for the 55-day SMA at 1.4754.

    Traders' Sentiment
    The number of long positions increased by 12 pp; however, the sentiment is neutral—55% of traders are bulls and 45% are bears. Meanwhile, the share of sell orders went up from 56 to 61%.

    © Dukascopy Bank SA

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