Dukascopy_Analyst

GBP/USD muted ahead of NFP data

FX:GBPUSD   British Pound / U.S. Dollar
18 0 0
"The only thing that could push the Fed into more hawkish territory is if they see wage price inflation ."
- BK             Asset Management (based on Reuters)


Pair's Outlook
The Cable struggled to pierce the weekly R1 for the second day yesterday and is likely to have issues edging above 1.44 again today. The base case scenario is a corrective decline towards the immediate support cluster, represented by the 20 and the 55-day SMAs, the weekly and the monthly PPs             , all around 1.4260. However, technical studies retain mixed signals, creating a possibility of the bullish development to occur, with fundamental data acting as a catalyst. The ceiling would then be the 1.45 psychological level, also being bolstered by the Bollinger band .

Traders' Sentiment
Market sentiment improved over the day, as 59% of all open positions are long (previously 53%). At the same time, the number of purchase orders dropped lower, namely from 52 to 43%.
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