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- BNP Paribas (based on Business Recorder)
Pair's Outlook
The British currency experienced a rather sharp decline on Friday, slumping back under the 1.31 major level, thus, failing to settle at a two-week high. The bearish momentum appears to have returned, so the Cable is likely to follow this path today. The weekly pivot point is the nearest support, located at 1.3044, while the second area to trigger a rebound rests only around 1.2880, represented by the Bollinger band, the weekly and the monthly S1s. Meanwhile, technical indicators in the daily timeframe now suggest that a bullish development is also possible. However, in this case the GBP/USD pair is expected to remain below the 1.31 major level, which is bolstered by the 20-day SMA.
Traders' Sentiment
Today 57% of all open positions are long (previously 56%), whereas the number of sell orders edged up from 45 to 59%.
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