© Dukascopy Bank SA
- Credit Agricole (based on Business Recorder)
Pair's Outlook
Following yesterday's outlook, the Cable's fate is to be determined today. Technically, signs are pointing to a possible bullish development today, with the GBP/USD pair being supported by an up-trend just below the opening price and technical studies retaining positive signals. A successful rally would preserve the rising wedge pattern, allowing the Sterling to reclaim 1.26 once again. On the other hand, risks of a breakout are also present, which would put the monthly PP into perspective, but with the 1.24 major level most likely remaining intact today.
Traders' Sentiment
Market sentiment remains bullish, with 62% of all open positions still being long. At the same time, the share of sell orders barely changed, having fallen from 59 to 58% over the last 24 hours.
© Dukascopy Bank SA