Dukascopy - Analytics

    Dukascopy

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    GBP/USD attempts to climb over 1.45

    © Dukascopy Bank SA
    "While I would expect more downside if the polls continue to show the ‘Leave' campaign gathering momentum, the pound is likely to be very volatile in both directions over the next couple of weeks." 
    - OANDA (based on Market Watch) 


    Pair's Outlook 
    The Sterling succeeded in preserving the ascending channel's support line yesterday, having closed with only a 31-pip slump. Nevertheless, there has been a more than 200-pip spike in the GBP/USD pair earlier today, being driven by unknown circumstances. This surge provides a great selling opportunity, thus, the bearish momentum could soon prevail. The Cable still faces a strong resistance cluster around 1.4535, formed by the 20-day SMA, the weekly and the monthly PPs. From below the channel's trend-line is providing support along with the 55-day SMA, a breach of which today is unlikely to occur.  

    Traders' Sentiment 
    For the third time in a row market sentiment remains bullish at 54%. At the same time, the portion of orders to purchase the British currency edged lower from 67 to 45%.
    © Dukascopy Bank SA

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