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- Wells Fargo & Co. (based on Bloomberg)
Pair's Outlook
Yesterday GBP/USD pair finally breached the 200-day SMA at the 1.5859 level and stopped at 1.5838, where the weekly S1 goes. Currently, the price steps slightly higher than yesterday closing price, thus the moving average will be tested from the bottom, in order to continue the downtrend. However, a short position may contain a lot of risk, as the RSI has a value of 31 and the major currency counterparts show correction signs.
Traders' Sentiment
SWFX market participants became even more bullish, as the buy side reached 61% and the sell side 39%. But the placed orders market does not support appreciation idea so well, since the buy orders consist 47% and sell 53%.
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