Dukascopy Bank Team
Dukascopy Bank SA
"In view rising geopolitical risk and Brexit uncertainties, we expect limited upside potential in GBPUSD this week."
– BMO Capital Markets (based on PoundSterlingLive
-
Pair's Outlook
On Thursday, the British currency suffered a relatively serious loss against the US Dollar, having almost completely erased Wednesday's gains. Nevertheless, this decline prolonged the bearish trend-line, while the immediate support, namely the weekly R1, managed to prevent the Cable from falling deeper, thus, causing trade to close above 1.25. No significant development is expected today, mostly due to Easter holidays. However, technical studies keep giving bullish signals, suggesting another leg up is possible. The down-trend is likely to keep the Sterling at bay, but another bearish development would somewhat confirm the Cable's short-term consolidation trend. -
Traders' sentiment
Today 56% of traders are long the Pound (previously 54%), while 52% of all pending orders are to sell the Sterling, down from 55% yesterday.
Interested in GBPUSD technicals? Check out the key levels
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.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.