Dukascopy - Analytics


    485.50 6.00/10
    83% of positive reviews

    GBP/USD on the edge of falling under 1.45

    © Dukascopy Bank SA
    "Given how important the services sector is to the UK economy we really need to see a decent number here or run the risk that we see a growth downgrade next week from the latest Bank of England inflation report."
    - CMC Markets (based on WBP Online)
    Pair's Outlook
    Despite a weak reading of the US ADP Non-Farm Employment Change yesterday, the Cable still edged lower, but managed to close on top of the 1.45 major level. The Sterling is now likely to rebound, with the nearest resistance located at 1.4563, represented by the weekly PP. Even though technical indicators are bolstering the possibility of the positive outcome, risks of the GBP/USD currency pair inching lower persist if the UK's services sector data disappoints today. In case the bearish development prevails, the nearest area to prevent the Pound from falling lower will be the cluster around 1.4450.
    Traders' Sentiment
    Bulls grew stronger today, as 58% of all open positions are now long (previously 54%). At the same time, the portion of orders to acquire the British currency barely changed, now taking up 48% of the market.
    © Dukascopy Bank SA

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree