© Dukascopy Bank SA
- Swissquote Bank SA (based on Bloomberg)
Pair's Outlook
As a result of the initial test of the monthly R1, the currency couple confirmed toughness of this level and returned back to the weekly PP. Still, GBP/USD is poised for gains up to the 2011 high, considering that some of the most important obstacles have already been overcome. Accordingly, 1.6545 should eventually give in and allow the current recovery to proceed towards 1.6745/14.
Traders' Sentiment
The bearish with respect to the British Pound sentiment carries on strengthening, being that the short positions now take up 73% (72% during the previous report). Meanwhile, there has been a noticeable change in the distribution between the buy and sell orders. Now the former are in a majority—73% within 100 pips from the spot.
© Dukascopy Bank SA