© Dukascopy Bank SA
- National Australia Bank (based on Bloomberg)
Pair's Outlook
The Cable is testing a formidable support zone near 1.65 at the moment, which is mainly created by the 2011 highs and the 100-day SMA. And even though a majority of the weekly and monthly technical studies are in favour of a rally right now, the fact that GBP/USD has recently broken out of the rising wedge to the downside suggest the sell-off is likely to persist.
Traders' Sentiment
Similarly to what is happening in EUR/USD, here the bearish market participants are also closing their positions. Compared to last Friday, their percentage fell from 57% to 55%. Concerning the orders, while the share of buy ones increased to 57% 50 pips from the spot, in a wider range (100 pips from spot) their percentage dropped to 54%.
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