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"Any negative surprises from industrial production figures due today may potentially trip the pound further."
- Oversea-Chinese Banking Corp. (based on Bloomberg)
Pair's Outlook
GBP/USD price is basically unchanged in the recent days, but still it remains under bullish pressure and gradually depreciates. Today the Cable is very close to the monthly S1 at 1.4867, but a more important level should be an interception point of the Bollinger band and the weekly S1 level at 1.4805. The RSI remains under a 30 benchmark, with a value of 27, signalling about an oversold situation.
Traders' Sentiment
Finally bulls demonstrate decisive character and sharply enlarge their positions in SWFX market. The buy side has 72% and the sell side has 28%. Distribution of waiting orders market is skewed to the bearish side, as 56% of orders stand for short positions.
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