Dukascopy

GBP/USD risks falling back under 1.42

FX:GBPUSD   British Pound/U.S. Dollar
23 0 1
"We're definitely near the end for the dollar bull run if we have not already seen the peak. We're clearly in this topping-out process."
- Standish Mellon Asset Management Co. (based on Bloomberg)

Pair's Outlook
The Sterling set off with a 125-pip rally against the Buck yesterday, unable to climb over the second tough resistance area. Technically, we should see the Cable bounce back under the 1.42 major level, with the weekly PP now acting as the nearest support at 1.4151. However, today's UK inflation data could provide sufficient impetus for the GBP/USD             currency pair to at least partially pierce the immediate resistance, as the four-week down-trend at 1.4290 is expected to hold. Daily technical indicators are still unable to provide any clear sense of direction, whereas the longer timeframe ones still suggest the bearish momentum is to prevail.

Traders' Sentiment
Traders remain long the Pound, namely 64% of them (previously 66%). Meanwhile, the share of buy orders dropped from 65 to 58%.
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