© Dukascopy Bank SA
- Daiwa (based on Reuters)
Pair's Outlook
Support at 1.5002 plays the same role for the Cable as 1.2837 in EUR/USD and does not allow bears to push the price lower, to a Mar 12 low at 1.4829. However, the currency pair may come under strong selling pressure while approaching a formidable resistance line at 1.5233/17. Another reason to doubt price's ability to increase are the bearish signals provided by the technical indicators.
Traders' Sentiment
A sudden rally in GBP/USD has introduced a notable change to the sentiment of SWFX market participants, bringing the portion of long positions from 65% down to 49%. As for the orders placed on the pair, 53% of them are to purchase the British Pound against the U.S. Dollar.
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