Dukascopy

GBP/USD risks falling under 1.41

FX:GBPUSD   British Pound/U.S. Dollar
53 0 1
"Until the referendum takes place in June, we view the risk to our estimates of a weaker pound as standing to the downside, although we would note that the market is already starting from a net short position, whereas short cable became a more popular trade only around 10 days before the Scottish referendum in September 2014."
- Goldman Sachs (based on Business Recorder)


Pair's Outlook
The Cable managed to recover from its intraday low on Thursday, as fundamental data turned into Sterling's favour. However, the acquired momentum was insufficient for the GBP/USD             currency pair to retake the 1.42 major level. The weekly S1 and the 20-day SMA keep forming a relatively strong resistance cluster around the 1.42 mark, while the monthly PP is providing immediate support at 1.4141—just under today's opening price. A breach of the monthly PP is likely to cause a decline towards around 1.4050, while the upper target is the 55-day SMA around 1.4286.

Traders' Sentiment
Although not as strong as yesterday, but market sentiment remains bullish at 62% (previously 70%). At the same time, the portion of orders to acquire the British Pound increased from 54 to 58%.
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out