Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
Nov 07 16 10:09 GMT
‘We’re seeing a bit of a relief rally now that the worst case scenario of a unilateral ‘hard Brexit’ has been deferred, and markets can start focusing on other factors (like) the US presidential election.’ – CMC (based on Business Recorder)
Pair’s Outlook
The British Pound prolonged its rally against the US Dollar on Friday, establishing a new four-week high of 1.2557. Having opened with a relatively small bearish gap today, the Cable slipped back below the 1.25 major level. This suggests that another surge could be far-fetched, even though only the Bollinger band is providing immediate resistance. On the other hand, a strong bearish development is also unlikely, as the weekly and the monthly PPs form a substantial demand area around 1.24. Furthermore, there are no fundamental events that could have a significant impact on the GBP/USD pair today, apart from the US elections. Technical indicators are also giving mixed signals today.
Traders’ Sentiment
There are 63% of traders holding long positions today (previously 60%), whereas 60% of all pending orders are to sell the Sterling.
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Legal disclaimer and risk disclosure
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
GBP/USD Trades In Murky Waters
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