© Dukascopy Bank SA
– LMAX (based on Business Recorder)
Pair's Outlook
Wednesday ended with the British Pound weakening against the US Dollar again, this time piercing the monthly S1. However, the second target remained untouched, as volatility was limited by the 1.22 and the 1.23 major levels. Even though technical indicators keep giving bearish signals today, the 1.22 mark could still hold and prevent the Cable from falling deeper down, also being reinforced by the monthly S1. The monthly S1 is now unlikely to be reliable, thus, the Sterling has the potential to negate yesterday's losses and edge closer to the 1.23 mark once more.
Traders' Sentiment
Market sentiment remains bullish, with 66% of all open positions being long today (previously 65%). Meanwhile, the share of sell orders inched down, namely from 59 to 56%.
© Dukascopy Bank SA