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- ING (based on Business Recorder)
Pair's Outlook
Last week was a good one for the Cable, as it continued its recovery after a sharp slump in the beginning of October. However, the 1.25 major level remained unconquered, but the GBP/USD currency pair has the potential to reclaim this area today. Technical indicators support this possibility, as they are now giving distinctly bullish signals. Meanwhile, the 55-day SMA, the weekly R1 and the Bollinger band form resistance around 1.26, where the Sterling is likely to struggle at posting more gains. Despite bullish signs, downside risks also persist, as the pair has been trading within the borders of a broadening rising wedge pattern for nearly two months now.
Traders' Sentiment
Bulls retreated again, as 61% of traders are now long the Pound (previously 63%). The share of sell orders inched up from 60 to 61%.
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