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"We suspect that the recent strength in sterling will not develop into a sizeable bullish reversal pattern."
- Swissquote (based on Reuters)
Pair's Outlook
Yesterday the Cable was trading at the multi-month down-trend and most of the technical indicators were bearish. Accordingly, the bias towards the pair was negative. However, the bulls gained the upper hand and pushed the price above the resistance at 1.61. This implies the Sterling is going to move even higher, potentially up to 1.62. There the rally should come to an end and give way for a sell-off towards 1.5850.
Traders' Sentiment
Relatively less than yesterday but nonetheless a majority (62%) of the SWFX market participants are long the British Pound. In the meantime, the percentage of sell orders went notably down, namely from 65 to 57%.
© Dukascopy Bank SA