Dukascopy_Analyst

GBP/USD poised for more weakness

FX:GBPUSD   British Pound / U.S. Dollar
116 0 2
"The Bank of England has recently created more of a divergence in policy expectations between itself and the Fed and that's weighing down more on cable."
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)

Pair's Outlook
The Cable was pushed down below the 1.48 major level on Tuesday, amid a strong reading of US fundamental data. Even though trade closed at 1.4820, technical studies retain their bearish signals, suggesting the GBP/USD             might edge lower for the third consecutive day. At the same time, the monthly and weekly S1s are providing resistance around 1.4860, while support is represented by the weekly S1 and the Bollinger band circa 1.4750. A return inside the falling wedge's trading range for the second time would be a positive surprise, but it would still diminish the pattern's viability.

Traders' Sentiment
Bullish traders' sentiment remains unchanged at 65%, whereas the portion of orders to buy the Pound added 2% points up to 53%.
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