GBP/USD struggles to maintain trade above 1.23

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"By the late spring, concerns about European politics should be waning just as Britain triggers Article 50 and the wrangling over Brexit begins in earnest. At that point, the full impact of this historic move is likely to hit the markets and the pound is likely to suffer another leg down, in my view."  
– Marshall Gittler, FX Primus(based on PoundSterlingLive)

Pair's Outlook 
Almost all Friday's gains were erased yesterday, as the Cable slipped back under the 1.23 major level. No significant changes are expected today, as the GBP/USD pair more or less remains in a consolidation period. Despite technical indicators giving mixed signals in the daily timeframe, risks are still skewed to the downside, but with the 1.22 mark being the bottom floor at the moment. Once this psychological support is pierced, the next strong demand area will be only around 1.2120, represented by the weekly S2; the monthly S1 and the Bollinger band.  

Traders' Sentiment 
There are 64% of traders with a positive outlook towards the Sterling today, up from 59% yesterday. The portion of sell orders is once again in the majority, taking up 58% of the market (previously 42%).
© Dukascopy Bank SA
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