Dukascopy Bank Team
Dukascopy Bank SA
"Any declines are now classified as corrective and should be well supported ahead of 1.2500 in favour of a higher low and bullish resumption."
– LMAX Exchange (based on PoundSterlingLive
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Pair's Outlook
The Sterling suffered from the election polls, which showed that Theresa May is barely ahead, thus, resulting in a breach of the strong support cluster around 1.2850. Although a technical correction after such a decline is likely, downside risks remain present as well. The 1.28 psychologic level is what keeps keeping the GBPUSD pair afloat at the moment, with the next strong demand area located only around 1.27, formed by the weekly S1, the 55-day SMA and the 23.60% Fibo. Meanwhile, technical indicators are in favour of the positive outcome, in which case the nearest significant resistance will be the weekly pivot point at 1.2977, but such a strong recovery is unlikely. -
Traders' sentiment
Bulls are now slightly outnumbering the bears, as 51% of all open positions are now long and the remaining 49% are short.
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.
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