Dukascopy Bank Team
Dukascopy Bank SA
"The weak daily closing [yesterday] suggests strong downward pressure but at this stage, any further decline appears to be limited to 1.2200."
– UOB Group (based on FXStreet)
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Pair's Outlook
The Cable's decline exceeded expectations on Wednesday, as it easily pierced the immediate demand area and found support only at the second target, namely the 20-day SMA. The Pound remains under the risk of falling deeper down, in which case the weekly PP at 1.2181 will be the level to focus one. On the other hand, ahead of Trump's inauguration tomorrow the Sterling has the potential to gain a few pips, reclaiming the 1.23 mark once again and with the immediate resistance, the weekly R1, doubtfully limiting the gains. Technical indicators, however, are unable to confirm either scenario, as all of them are now giving mixed signals. -
Traders' sentiment
ullish sentiment keeps growing weaker, as 71% of all open positions are now long, compared to 72% on Wednesday.
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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