© Dukascopy Bank SA
- Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
GBP/USD refuses to give in to the bears and continues to put pressure on the falling resistance line at 1.6228, as suggested by the weekly technical indicators. In case the exchange rate spikes beyond it, then the weekly R1 at 1.6299 and the monthly R1 at 1.6425, together with the January high, will be responsible for restoring the bearish outlook.
Traders' Sentiment
The difference between the bullish and bearish with respect to the Cable market participants has diminished since the last report, as the portion of the short positions has declined from 71% to 69%. In the meantime, the amounts of buy (51%) and sell (49%) orders are nearly equal.
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