© Dukascopy Bank SA
- Royal Bank of Canada (based on Bloomberg)
Pair's Outlook
Arrival of the Cable at the rising resistance last week implied initiation of the sell-off that was meant to continue until the lower boundary of the channel up pattern would be reached. However, the bulls carry on pushing the price higher and increasing the pressure on 1.5587. If Sterling's appreciation is to persist, then the next resistance challenged will be found at 1.5631, followed by 1.5688/68.
Traders' Sentiment
Bulls have somewhat improved their situation over the weekend, increasing their portion up to 35%, but nevertheless remain in a minority. As for the orders placed on the currency pair, a half of them are to buy the British Pound and a half are to sell it against the U.S. Dollar.
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