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- Petr Krpata, ING Groep NV (based on Bloomberg)
Pair's Outlook
As was anticipated, the British currency weakened against the US Dollar on Friday, but failed to find support at the 1.32 mark, with the exchange rate slightly crossing that level. The Pound could attempt to regain some value and close above that major level again today, as the weekly PP is providing immediate support just below the opening price. In this case gains are unlikely to exceed the 1.3350 level, due to lack of impetus today. On the other hand, technical indicators are now giving bearish signals, suggesting the Cable might fall down towards the 1.31 area.
Traders' Sentiment
Today 59% of traders retain a positive outlook towards the GBP/USD pair, compared to 57% on Friday. However, a large number of all pending orders are to sell the Sterling, namely 65% of them.
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