© Dukascopy Bank SA
- Manulife Asset Management (based on Bloomberg)
Pair's Outlook
The British Pound strengthened against the American Dollar on Monday, reaching its trading range's upper border, namely the 1.2250 level. Consequently, a decline is likely to take place today, bouncing back from the 1.2250 mark, since the GBP/USD pair appears to be gravitating towards the 1.22 level. The weekly pivot point still acts as the nearest support, which is to limit intraday losses, but with the 1.2150 being the bottom floor in case of a more bearish outcome. Technical studies are somewhat confirming the outlook, as they keep giving mixed signals in all timeframes, implying that the consolidation trend is to be maintained.
Traders' Sentiment
There are 68% of traders being long the Sterling today (previously 69%), whereas the share of sell orders slid from 61 to 56%.
© Dukascopy Bank SA