Dukascopy - Analytics

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    GBP/USD attempts to remain elevated above 1.45

    © Dukascopy Bank SA
    "I don't see any significant recovery of the pound at this point because there are so many other risks apart from the fundamental ones, including the upcoming EU summit. We might get clarity on the vote's timing next week but not on its final outcome."
    - Commerzbank (based on Bloomberg)

    Pair's Outlook
    Last Friday, the Sterling was unable to significantly outperform the US Dollar and failed to completely negate the preceding day's losses. Nonetheless, the GBP/USD currency pair is managing to maintain trade above the 1.45 major level, with the weekly PP at 1.4481 providing immediate support. In case the bears take over, a stronger cluster rests around 1.4380, where the up-trend coincides with the monthly PP. However, according to technical indicators, the Cable is likely to edge higher, but with the closest resistance in face of the weekly R1 at 1.4611 being out of reach.

    Traders' Sentiment
    Market sentiment inched closer to equilibrium, as 53% of all open positions are now long, compared to 56% on Friday.

    © Dukascopy Bank SA

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