Dukascopy

GBP/USD prolongs trade within the falling wedge

FX:GBPUSD   British Pound/U.S. Dollar
21 0 0
"Given a lack of fresh trading cues about the U.S. economic fundamentals, it's hard to assume a further dollar selling."
- Analyst at a Japanese brokerage house (based on Market Watch)

Pair's Outlook
The British currency ended last week with another rally, rebounding from intraday low and, thus, erasing all previous week's losses. Today the Sterling remains under the risk of edging lower, as technical studies suggest with their bearish signals. The closest level to stop the dips is located at 1.4899, namely the weekly PP; meanwhile, the immediate resistance lies around the 1.50 major level. However, due to a rather quiet day on the market in terms of fundamental data, the Cable could remain in limbo circa 1.4915.

Traders' Sentiment
A relatively large part (66%) of traders retain a positive outlook towards the GBP/USD             , compared to 68% last Thursday. At the same time, the portion of buy orders declined from 64 to 59%.
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