GBP/USD on the edge of breaking wedge's support
"I find it hard to imagine big moves in the dollar against the euro or yen by the end of the year, but there is certainly some potential for it to gain against sterling or some of the commodity-linked currencies."
- Bank of New York Mellon (based on Business Recorder)
Pair's Outlook
The Sterling failed to rebound yesterday, as it dropped below the 1.49 level and reconfirmed the falling wedge pattern's lower trend-line. Today the GBP/USD currency pair is under increased risk of falling deeper down, as fundamental data suggests. It is uncertain whether the immediate support will be able to hold the losses at 1.4850—where the Bollinger band rests. Technical studies too suggest the pair is to edge lower; however, the possibility of a surge remains if the US GDP data disappoints, with the weekly PP at 1.4998 acting as the nearest resistance.
Traders' Sentiment
Bulls keep retreating, with 63% of all positions now long (previously 64%). The share of buy orders also dropped today, from 49 to 47%.
- Bank of New York Mellon (based on Business Recorder)
Pair's Outlook
The Sterling failed to rebound yesterday, as it dropped below the 1.49 level and reconfirmed the falling wedge pattern's lower trend-line. Today the GBP/USD currency pair is under increased risk of falling deeper down, as fundamental data suggests. It is uncertain whether the immediate support will be able to hold the losses at 1.4850—where the Bollinger band rests. Technical studies too suggest the pair is to edge lower; however, the possibility of a surge remains if the US GDP data disappoints, with the weekly PP at 1.4998 acting as the nearest resistance.
Traders' Sentiment
Bulls keep retreating, with 63% of all positions now long (previously 64%). The share of buy orders also dropped today, from 49 to 47%.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.