© Dukascopy Bank SA
"Look to buy sterling on dips against dollar or the euro, depending on the Greek election outcome"
- Lloyds Bank (based on Reuters)
Pair's Outlook
Quick rally of the Cable on Friday has been halted by a resistance zone at 1.5741/60, which is formed by an upper Bollinger band and 200 say SMA. Repeated attempts of GBP/USD to breach the area, however, are expected to bring success and expose 1.5817/50, a next major resistance. The overall outlook for the pair remains bullish, while dips will be limited by 1.5667/24 and 1.5530.
Traders' Sentiment
The difference between the quantities of bulls and bears in the market has narrowed considerably. Consequently, the portion of long positions has fallen to 52%, while the share of short positions increased up to 48%. As for the orders, only 36% of them are to acquire the British Pound and 64% are to sell the Sterling against the Greenback.
© Dukascopy Bank SA