Dukascopy

GBP/USD keeps edging closer to wedge's support

FX:GBPUSD   British Pound/U.S. Dollar
31 0 0
"The dollar's strength may persist for a while, as investors feel the mood right after the rate increase, but then may turn top-heavy."
- Bank of Tokyo-Mitsubishi UFJ (based on Market Watch)

Pair's Outlook
Due to the Fed delivering no surprises on Wednesday, the markets had a rather mild reaction to the news. Nonetheless, the Cable ended the day with a slump towards the 1.50 major level remains under the risk of falling for the fourth consecutive day today. The Bollinger band around 1.4942 is now the closest support, but a decline towards the down-trend at 1.4895 is also possible if the fundamental data turns in favour of the US Dollar             . On the other hand, the GBP/USD             could climb over the immediate resistance at 1.5038, but the bearish outcome is more probably.

Traders' Sentiment
Bulls remain in the majority, as 63% of all positions are long, while the number of orders to sell the Sterling increased from 57 to 68%.
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