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- Steve Barrow, Standard Bank Plc (based on Bloomberg)
Pair's Outlook
The Cable spiked below the January high and touched upon the support at 1.6336/19, which helped the Sterling to stay buoyant for the time being. Accordingly, there is still an opportunity to see the rally extending towards the 2011 high at 1.6752/45, though it must be noted that the long-term prospects are bearish for the currency pair, it is likely to target 1.60 during the next months.
Traders' Sentiment
The difference between the amounts of long and short positions is still insignificant, being that the former take up 52% of the market and the latter constitute 48% of it. As for the orders placed on GBP/USD, in the range of 50 pips from the spot 75% are to purchase the Pound and within 100 pips from the spot—63%.
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