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- Commerzbank (based on PoundSterlingLive)
Pair's Outlook
In spite of extremely good US Durable and Core Durable Goods Orders readings, the Cable still managed to erase all intraday losses and end the day with a 21-pip surge yesterday. This suggests that the demand area around the 1.24 major level, formed by the 20-day SMA, the weekly and the monthly PPs, is strong enough to keep the GBP/USD pair afloat. Moreover, the given support cluster is also reinforced by a seven-week up-trend, which received an additional confirmation on Wednesday. Even though there is sufficient room for another bearish development of approximately 70 pips, technical indicators are unable to confirm this scenario, also suggesting that bulls might take over.
Traders' Sentiment
Exactly three quarters (75%) of all open positions are long today, while the number of sell orders dropped from 59 to 58%.
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