Dukascopy_Analyst

GBP/USD in tight range between 1.4650 and 1.48

FX:GBPUSD   British Pound / U.S. Dollar
112 0 0
"Global weakness could throw a wrench against another U.S. rate hike."
- Western Union Business Solutions (based on Business Recorder)

Pair's Outlook
Cable's volatility yesterday was limited by the immediate support and resistance , while the GBP/USD             ended the day relatively unchanged with a slight move to the downside. Even though the pair remains in a bearish trend , a corrective rally might occur today, without the violation of the resistance in face of the weekly PP. Technical indicators, however, keep giving mixed signals in the daily timeframe , unable to support the positive outlook, suggesting a decline towards the weekly S1 and the Bollinger band around 1.4655 is possible.

Traders' Sentiment
Today 51% of all open positions are long, compared to 65% yesterday. The percentage of buy orders increased from 49 to 63%.
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