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– LMAX (based on Business Recorder)
Pair's Outlook
Once again the GBP/USD currency pair remained relatively unchanged, retaining its position below the 1.23 mark. No major changes are likely to occur ahead of the end of the year, thus, with the Cable expected to remain flat for another day. The 1.23 major level appears to be providing strong psychological resistance, whereas the monthly S1 at 1.2251 acts as a tough support. Downside risks are somewhat higher, as the Sterling has been declining against the US Dollar for nearly four weeks now and technical indicators also suggest that bears are to prevail today. In case the monthly S1 is pierced, the next target will be the trend-line at 1.2170.
Traders' Sentiment
There are 65% of traders holding long positions today (previously 63%). Meanwhile, 59% of all pending orders are to sell the British Pound.
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