© Dukascopy Bank SA
- Brown Brothers Harriman (based on MarketWatch)
Pair's Outlook
The Cable continues to trade sideways, even though the bullish support line failed to stay intact, meaning the possibility of a sell-off is increased. However, judging by the weekly technical indicators, GBP/USD may be able to jump higher from here; still, it is not expected to ascend far above 1.6244/12, since there is also the resistance at 1.6390, specifically a January high.
Traders' Sentiment
The positioning of market participants on GBP/USD has stayed largely unchanged since the last report—the share of longs is 43% and the share of shorts is 57%. At the same time the difference between the amounts of buy (48%) and sell (52%) orders remains minimal.
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