© Dukascopy Bank SA
- Commerzbank AG (based on Bloomberg)
Pair's Outlook
Last week GBP/USD fetched 1.6225 and touched the major down-trend (in force since August of 2009). Respectively, there is little chance the British Pound will manage to surpass this resistance. A sell-off from the current levels is a considerably more likely scenario despite the ‘buy' signals provided by the weekly technical indicators. Thus we should focus on the support at 1.6097/82.
Traders' Sentiment
On average in its crosses the Sterling is acquired in only 34% of cases, making it one of the most unpopular currencies in the SWFX market. The same picture is observed in GBP/USD, where only 33% of positions are long and 67% are to profit from the depreciation of the Pound.
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