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Pair's Outlook
The currency pair is lacking bullish momentum near resistance represented by the 23.60% retracement of the Jun 23—Jul 5 sell-off despite fundamentally strong Pound. Nevertheless, the price managed to fetch our target 1.3385/70 (monthly R1 and August maximum) yesterday. There is now a good possibility the bears will take over in the near term, but the losses are expected to be limited by a strong support at 1.3237/25, where the recently broken trendline is reinforced by the 55-day SMA and weekly pivot point.
Traders' Sentiment
Traders keep selling the British Pound, and the share of shorts has already reached 62%, up from 60% recorded 24 hours ago. At the same time, the percentage of sell orders is growing as well. It increased from 63 to 64%.
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