Dukascopy - Analytics

    Dukascopy

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    GBP/USD remains subject to weakness

    © Dukascopy Bank SA
    "When you look at sterling itself, we would argue it is close to fairly valued given the extent of the risk that betting markets show." 
     HSBC (based on Business Recorder) 

    Pair's Outlook 
    The Sterling was unable to preserve the ascending channel pattern last Friday, as it unexpectedly dropped more than 275 pips against the US Dollar, with the decline triggered by the ‘Brexit' polls, showing that majority was voting to leave the EU. With the referendum closing in, the pair remains weak and is likely to suffer another decline today. Demand at the closest support, namely the lower Bollinger band, is insufficient to limit today's losses, whereas the second target lies just under the 1.41 level, represented by the monthly S2 and the weekly S1. The 1.4150 mark could act as a potential interim support, as it was successful in preventing the Cable from edging lower nine weeks ago. 

    Traders' Sentiment 
    There are more bulls than bears, as they take up 63% and 37% of the market, respectively, while the share of buy orders slid from 57 to 51%.
    © Dukascopy Bank SA

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