Market sentiment in the UK remains bearish as the season slips into autumn and the shortening days lead to a downturn in mood amongst traders. In anticipation of the eventual fall of sterling against most other currencies, markets have ranged for the last three weeks. In the absence of strong figures indicating the economy coming out of recession, we could easily see the GBPUSD testing 1.53. Any break of this significant support could see the markets reaching 1.51 within days.
Alternatively, the possibility of an Indian Summer raising the mood and so the expectations of the Big Players could see GU rising to test resistance at 1.556. A break of this could easily see the Big Players targeting 1.6 before closing their positions.
Regards, the Stephen Hopwood Forex Market Solutions Team
Hey, this is fun. The rest of you should try it.
Alternatively, the possibility of an Indian Summer raising the mood and so the expectations of the Big Players could see GU rising to test resistance at 1.556. A break of this could easily see the Big Players targeting 1.6 before closing their positions.
Regards, the Stephen Hopwood Forex Market Solutions Team
Hey, this is fun. The rest of you should try it.