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- CMC Markets (based on WBP Online)
Pair's Outlook
As was anticipated, the Sterling managed to rebound on Tuesday, unable to fall below the post-Brexit's low of 1.3230. Technically, the Pound is likely to continue edging higher today, as the 1.3230 mark is also reinforced by the lower Bollinger band. The Cable could keep appreciating until the 1.40 major level is reached, as there are no substantial resistances on the way to that area. Meanwhile, technical indicators retain mixed signals, unable to confirm the scenario. As a result, risks of the GBP/USD slumping back to 1.3320 or even lower persist.
Traders' Sentiment
Bulls slightly retreated, as 57% of all open positions are now long (previously 60%). At the same time, the number of purchase orders increased from 54 to 57% over the day.
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