Dukascopy_Analyst

GBP/USD prepares for a lift-off from 1.4230

FX:GBPUSD   Pound Sterling/U.S. Dollar
115 0 0
"On a trade-weighted basis sterling did very well last year and given the concern over inflation and competitiveness, that strength was probably unwelcome."
- Societe Generale (based on Reuters)

Pair's Outlook
Yesterday, the Cable completed a pullback after it had breached the accelerated falling trend-line earlier this week. Accordingly, even though the indicators are bearish , there is a good possibility the currency pair will rebound from the new formidable demand area around 1.4230, consisting of the trend-line, 2010 low, and weekly pivot point . The target for the next several days is therefore at 1.44 dollars, where the monthly S2 merges with the weekly R1 and 20-day moving average.

Traders' Sentiment
Cheaper Sterling spurred buying, and the share of longs in the SWFX market increased from 61 to 65%. However, the percentage of buy commands declined, from 58 to 45%.
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