© Dukascopy Bank SA
"A weak growth outlook and the likelihood of more monetary easing is still a negative for sterling"
- BTMU (based on Reuters)
Pair's Outlook
Rebound of the pair from 1.5517 last week confirms intentions of the cable to trade above an uptrend support and thus rechallenge a key resistance area that stretches from 1.5730 (200 day SMA) to 1.5775 (Bollinger band). Nonetheless, this zone is unlikely to be breached in near future and will cap the pair for now, while closest supports are to be found at 1.5624/08 and 1.5587.
Traders' Sentiment
Stance of SWFX marketplace participants is unchanged since the last report, as 48% of traders hold long positions and 52% of them hold short ones, signifying temporary indecision of the market. As for the orders placed on the pair, 43% are buy orders and 57% are sell orders.
© Dukascopy Bank SA