© Dukascopy Bank
"The cyclical data bodes well for global growth and sterling is increasingly correlated with global growth prospects because of its reliance on exports"
- Barclays Capital (based on Reuters)
Industry outlook
The Cable is gaining bullish impetus and may carry on advancing toward 1.5950 (200 day ma). In case this resistance is breached, we may observe a rally up to 1.6170. Supports are at 1.5730 and at 1.5640.
Traders' sentiment
Even though the traders' sentiment is still bearish, it is much more less distinct than yesterday. There are 33% of positions long and 67% of them are currently short.
Long position opened
The initial resistance level for intraday trading is 1.5843. Bulls might establish additional targets at 1.5882 and 1.5906 if the Sterling appreciates more.
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 1.5780, 1.5756 and 1.5717.
© Dukascopy Bank