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- Commerzbank (based on FXStreet)
Pair's Outlook
The British currency barely managed to post gains against the US Dollar, but with the immediate support cluster proving its strength once again. The same cluster, represented by the 20-day SMA, the wedge's support line, the weekly and the monthly PPs, is likely to limit any losses today as well, but a bearish development still has some space to occur. Meanwhile, technical indicators keep giving mixed signals, unable to confirm any scenario. However, in case of a bullish outcome the exchange rate is likely to struggle at climbing over the 1.25 mark, as it kept the Cable at bay for almost two weeks now.
Traders' Sentiment
Although not as strong as yesterday, but market sentiment remains bullish at 63% (previously 75%). At the same time, the share of sell orders inched up from 58 to 60%.
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