© Dukascopy Bank SA
- UBS (based on Reuters)
Pair's Outlook
Although there were still some 40 pips between the price and the nearest significant support, GBP/USD took a U-turn and returned to the monthly pivot point. This was foreseen by most of the technical indicators, but was expected to happen a little later. Still, there are enough resistances capable of halting Sterling's advancement, such as 1.6635 or 1.6735 (rising trend-line).
Traders' Sentiment
Similarly to the reaction in EUR/USD, a slight up-move in GBP/USD caused a considerable skew in favour of the short positions. Right now they constitute 64% of the market, while yesterday only 59% of it. Meanwhile, the difference between the buy and sell orders remains insignificant.
© Dukascopy Bank SA