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– Marshall Gittler, FX Primus(based on PoundSterlingLive)
Pair's Outlook
Almost all Friday's gains were erased yesterday, as the Cable slipped back under the 1.23 major level. No significant changes are expected today, as the GBP/USD pair more or less remains in a consolidation period. Despite technical indicators giving mixed signals in the daily timeframe, risks are still skewed to the downside, but with the 1.22 mark being the bottom floor at the moment. Once this psychological support is pierced, the next strong demand area will be only around 1.2120, represented by the weekly S2; the monthly S1 and the Bollinger band.
Traders' Sentiment
There are 64% of traders with a positive outlook towards the Sterling today, up from 59% yesterday. The portion of sell orders is once again in the majority, taking up 58% of the market (previously 42%).
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