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- John Williams, San Francisco Fed President (based on Reuters)
Pair's Outlook
Yesterday the pair declined to the lowest level seen this year at 1.5542; however, at that point the Pound received a bullish impetus that has pushed the pair near the down-trend's resistance line once again. Nonetheless, the bias remains to be bearish and it will continue to be that way until the pair breaks above at least the monthly PP at 1.5756.
Traders' Sentiment
The SWFX traders are getting less and less convinced that the Pound is going to gain relative to the U.S. Dollar; but overall the bulls are still in a slight majority, as they take up 54% of the market, and this is a advantage over the bears (46%). In the meantime, the share of sell orders slid to 64% from 66% yesterday.
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