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– PoundSterlingLive
Pair's Outlook
The British Pound decided to end the day with a blast, as it successfully reclaimed the 1.23 major level on Friday, having surged 84 pips against the US Dollar. Despite such a rally, technical studies insist the Cable is to suffer a loss today. A corrective decline has a solid chance to occur, however, the weekly PP now forms immediate support relatively close to today's opening price. As a result, the GBP/USD pair could fall approximately 40 pips over the day. On the other hand, in case bulls prevail again the 1.2430 area is likely to be the ceiling, where the weekly R1, the monthly PP, the 20 and the 55-day SMAs form strong resistance.
Traders' Sentiment
Bulls slightly retreated over the weekend, as now 59% of all open positions are long. The share of buy orders inched up from 46 to 58%.
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