© Dukascopy Bank SA
- BNP Paribas (based on Bloomberg)
Pair's Outlook
Interestingly enough, EUR/USD and GBP/USD continue moving in the opposite directions, enough though generally we would expect them to exhibit strong direct correlation. Nonetheless, the Sterling, unlike its European counterpart, preserves a bullish momentum, despite the trading taking place just beneath the resistance at 1.6620/00, which consists of the monthly pivot point and the up-trend resistance line and should therefore prove to be tough.
Traders' Sentiment
More and more traders believe the British Pound is unable to carry on appreciating. The percentage of short positions reached 57% and the bearish sentiments are strengthening. As for the orders, the portion of sell ones went up to 58% from 55%.
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