Note: This section contains information in English only."Overall, GBP is expected to remain under pressure in the next several days unless it can move and stay above the 1.3186 high."
- UOB (based on PoundSterlingLive)
Pair's Outlook
[ANNOUNCE]The US Dollar was dragged down by a poor reading of the Manufacturing PMI on Tuesday, allowing the Sterling to take the upper hand and breach the monthly PP resistance level.[/ANNOUNCE] As a result, the Cable reached the 1.32 major level, where supply was sufficient to limit the rally. The GBP/USD pair is now expected to make a U-turn, ignoring the monthly PP, which is now providing support. Potentially, the bearish momentum today could last until the Pound touches the 20-day SMA on top of the 1.31 mark, although a close around 1.3140 is the base case scenario.
Traders' Sentiment
Bears are now in the majority, taking up 53% of the market, compared to 46% on Tuesday. Meanwhile, the portion of orders to sell the Cable increased from 59 to 61%.
Wed, 24 Aug 2016 06:58:08 GMT
Source: Dukascopy Bank SA
- UOB (based on PoundSterlingLive)
Pair's Outlook
[ANNOUNCE]The US Dollar was dragged down by a poor reading of the Manufacturing PMI on Tuesday, allowing the Sterling to take the upper hand and breach the monthly PP resistance level.[/ANNOUNCE] As a result, the Cable reached the 1.32 major level, where supply was sufficient to limit the rally. The GBP/USD pair is now expected to make a U-turn, ignoring the monthly PP, which is now providing support. Potentially, the bearish momentum today could last until the Pound touches the 20-day SMA on top of the 1.31 mark, although a close around 1.3140 is the base case scenario.
Traders' Sentiment
Bears are now in the majority, taking up 53% of the market, compared to 46% on Tuesday. Meanwhile, the portion of orders to sell the Cable increased from 59 to 61%.