© Dukascopy Bank SA
- Deutsche Bank AG (based on Bloomberg)
Pair's Outlook
Despite the resistance at 1.6390 the Cable maintains the course toward 2011 high. Still, there are two important supply areas before the price rises this high—1.6464/44, which is formed by the weekly R1 and the up-trend, and 1.6554/50, which is formed by the weekly R2 and the monthly R1. In case there is a pull-back, the support at 1.6214/1.6168 is expected to prevent extension of a dip.
Traders' Sentiment
During the weekend the popularity of the Great British Pound has diminished even more, especially compared to the U.S. Dollar. At the moment only one in four SWFX market participants is convinced that the Sterling will be able to gain in value. The remaining 75% are betting on a completely different scenario.
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