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"Sterling performs better because the Bank of England is being proactive, and no one is stopping it from doing more QE if that's what it requires"
- ING (based on Reuters)
пЃ® Industry outlook
Succeeding advancement of the pair up to 1.5737/73 (formed by a cluster of supports, including 55 day ma), the bias is expected to turn bearish. Long-term perspective is thus 1.5272, followed by even lower level at 1.5125.
пЃ® Traders' sentiment
The Cable remains oversold at the moment, being that the amount of short trades significantly exceeds the amount of long ones, constituting 63.19 and 36.81 per cent of the market, accordingly.
пЃ® Long position opened
The initial resistance level for intraday trading is 1.5546. Bulls might establish additional targets at 1.5583 and 1.5622 if the British Pound appreciates more.
пЃ® Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 1.5470, 1.5431 and 1.5394.
© Dukascopy Bank