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- Citi (based on MarketWatch)
Pair's Outlook
The Cable is currently coming off a new high at 1.6261, as the pair approached an up-trend resistance line that represents an upper boundary of the rising channel. The Sterling may be supported by 1.6098, but will not change the bias to negative even if it slides down to 1.5882, where the lower boundary of the pattern is found at the moment.
Traders' Sentiment
The confidence of SWFX traders that the Pound is unable to continue outperforming the greenback persists, but is pronounced to a significantly lesser degree than yesterday, when 74% of positions on GBP/USD were short. Today the bears take up 69% of the market.
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