© Dukascopy Bank SA
- Danske Bank A/S (based on CNBC)
Pair's Outlook
Investors continue to buy the Cable, as positive sentiments persist from the GDP data announcement, which indicated the first growth of the economy after a recession. The price appreciates along the Bollinger band for a fourth straight day and is very close to a resistance formed by the major downward-sloping line with the weekly R1 at 1.5594. However, further gains might push the pair into an overbought zone, as the RSI has a value of 66.
Traders' Sentiment
Even more traders open short positions, as the Cable steps to two-and-a-half month high. The sell side increased by 2% to a 59% share. Placed orders market is slightly bearish, as 55% of waiting orders are short and willing to sell the Sterling.
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