© Dukascopy Bank SA
"The overall picture for the year is still one of a much recovered property market, with sellers and their estate agents confident enough to be putting property on the market at a higher price on average than a year ago."
- Rightmove (based on CNBC)
Pair's Outlook
The pair seems to have entered a period of consolidation; although, the question where it is going to move in the future remains wide open. The biggest obstacle for the pair to move higher is the monthly PP at 1.5755, which together with the strongly bearish weekly technical studies continue to put a downward pressure on the pair. Therefore, there is a risk of a decline towards this year's low.
Traders' Sentiment
Traders are getting less convinced that the Pound is going to gain relative to the US Dollar; but overall the bulls are still in the majority, as they take up 51% of the market, and this is a advantage over the bears (49%). In the meantime, the share of sell orders rose to 78%.
© Dukascopy Bank SA