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- BNP Paribas (based on Reuters)
Pair's Outlook
The Cable saw no change yesterday, finishing the day at the open price after testing both the resistance trendline and weekly S1 that is currently acting as support. Nevertheless, the bias is bearish, as the currency pair has recently broken out of the ascending channel to the downside. Next week we could see GBP/USD probing 1.2880 (August low and monthly S1), but there is also a notable demand area closer to the spot price, namely at 1.3126/12. This support zone is created by the monthly PP and weekly S2.
Traders' Sentiment
SWFX sentiment remains unchanged in the sense that the difference between the numbers of bulls and bears is still insignificant—only 2 percentage points. In the meantime, we could note that the percentage of long positions went from 46 to 51%.
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