© Dukascopy Bank SA
- ING Groep NV (based on Bloomberg)
Pair's Outlook
The Cable maintained trade in the tight range between the Bollinger band and 200-day SMA, remaining relatively unchanged over the day. However, the Bollinger band shifted more to the downside today, now located at 1.5238, near the weekly S1. As a result, the trading range widened, and the 200-day SMA can push the Sterling lower towards the new support cluster around 1.5230. The possibility of the GBP/USD regaining its bullish momentum persists, as the 1.53 major level might cause a rebound and with the help of the fundamental data force the pair to pierce the 200-day SMA.
Traders' Sentiment
SWFX traders' sentiment remains unchanged, with bulls taking up 56% of the market. The share of buy orders slid from 52 to 49%.
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