Dukascopy_Analyst

GBP/USD takes a shot at climbing over the down-trend

FX:GBPUSD   British Pound / U.S. Dollar
28 0 0
"In 2016, the GBP is likely to remain vulnerable most obviously against the USD. The pound in particular should suffer from a mix of fiscal contraction constraining the BOE tightening cycle, making a deficit more difficult to finance, most especially in the face of ‘Brexit' uncertainties."
- Deutsche Bank (based on PoundSterlingLive)

Pair's Outlook
Although the GBP/USD             currency pair appreciated on Wednesday, the immediate resistance in face of the monthly S1 somewhat managed to prevent the price from returning inside the pattern's borders. Nevertheless, the monthly S1 is providing support today, being the only obstacle holding the Cable from edging lower. Even though a rebound is possible, the chance of downside movement Is higher. Technical studies, which were quite reliable this week, also give bearish signals, suggesting yesterday's gains could be erased. Meanwhile, the nearest support is located just under the 1.48 level.

Traders' Sentiment
Bullish market sentiment remains unchanged at 68%, whereas 64% of all orders are to buy the Sterling today (up from 61% yesterday).
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