Sat, Mar 25, 2023 @ 21:00 GMT
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GBPUSD: Set To Retest The Down-Trend

‘We do not believe the USD will weaken through key technical and psychological levels in the coming month.’ – HSBC (based on PoundSterlingLive)

Pair’s Outlook

The Cable weakened for the second day in a row yesterday, finding support in front of the tough demand area, represented by the weekly S1, the monthly PP, the 55 and the 100-day SMAs. The same cluster is now also reinforced by the 20-day SMA, bolstering the chance the Sterling is to rebound today. Technical indicators are also in favour of the positive outcome. The GBP/USD pair could even surge back above 1.25 and put the six-month down-trend to the test again. However, downside risks also persist, a driver for which would be the ADP data later today.

Traders’ Sentiment

Bullish traders’ sentiment returned to its last Wednesday’s level of 57%, whereas the share of purchase orders declined from 54 to 51% in the last 24 hours.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
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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