Dukascopy

GBP/USD: downside risks higher

FX:GBPUSD   British Pound/U.S. Dollar
51 0 1
"Sterling is clearly underperforming. It's on the back of a combination of factors -- one of which is the concern that the tragic event could indeed support the campaign to leave the EU."
- Credit Agricole SA             (based on Bloomberg)


Pair's Outlook
‘Brexit' fears continued to weigh on the British Pound, even causing it to plunge under the monthly PP yesterday. With the breach of this key support level, the GBP/USD             currency pair is now poised for more weakness. The exchange rate is likely to extend its decline until the broadening falling wedge's lower border is reached around 1.3650. The closest demand area today is located only around 1.3880; even though it lies out of reach, a slump beyond the 1.40 mark is possible. However, we should not rule out the probability of the bullish momentum returning, as technical indicators retain mixed signals.

Traders' Sentiment
A relatively high portion of all open positions is currently long, namely 70%, compared to 63% on Wednesday. Meanwhile, the share of orders to acquire the Sterling slid from 56 to 54%.
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