© Dukascopy Bank SA
- Scotiabank (based on PoundSterlingLive)
Pair's Outlook
The British Pound managed to outperform the US Dollar yesterday, but failed to maintain trade above the 1.31 mark. Overall, during this week the Cable's performance has been rather mild, with trade mainly contained between the 1.30 and 1.31 major levels. A bullish development today is unlikely, due to the exchange rate opening closer to a strong resistance, represented by the weekly and the monthly PPs around 1.3120. Consequently, the pair is now expected to make a U-turn and find its way back, closer to 1.30. Technical indicators are also in favour of this outcome, as they retain bearish signals.
Traders' Sentiment
Market sentiment barely changed during the whole week. Today 55% of traders hold long positions, opposed to 52% on Thursday. The share of buy orders, on the other hand, inched up from 45 to 57%.
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