© Dukascopy Bank SA
- OCBC Bank (based on PoundSterlingLive)
Pair's Outlook
The Sterling managed to partially recover from this week's losses yesterday, but despite the rally, the overall trend remains bearish until the EU referendum next week is over. As a result, the British Pound is likely to weaken against the US Dollar today, with the 1.41 major level remaining the main target. This level is also reinforced by the Bollinger band, the monthly S2 and the weekly S1, making demand around that area sufficient to prevent the pair from depreciating further. Technical indicators, on the other hand, retain mixed signals, unable to confirm the outlook.
Traders' Sentiment
Market sentiment barely changed over the day, as 64% of all open positions are now long (previously 65%). At the same time, the number of purchase orders in the 100-pip range edged down from 57 to 49%.
© Dukascopy Bank SA