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- Oliver Harvey, Deutsche Bank (based on Reuters)
Pair's Outlook
Similarly to EUR/USD, the Cable is also standing motionless above its weekly PP. According to the daily and monthly technical indicators, however, the Sterling should be headed north, towards the February peak at 1.6822. This level is needed to be broken in order for the medium-term outlook to become bullish. Meanwhile, the price may cede ground and retreat back to the upward-sloping trend-line, which merges with the 100-day SMA at 1.66.
Traders' Sentiment
The percentage of traders believing the Pound is going to lose value has not changed during the last 24 hours—it is 58%. At the same time, the share of commands to purchase the currency is also largely the same—70%.
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