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- CIBC World Markets (based on Reuters)
Pair's Outlook
GBP/USD pair moved lazily yesterday and attempted to breach the weekly R2 level at 1.6115, but was pushed back. Today, the price steps higher and is already retesting this level. The next resistance area is at 1.6165/81, where the monthly R1 and weekly R3 merge with a downside trend-line. Also the RSI has a value of 65, being very close to an overbought zone.
Traders' Sentiment
GBP/USD pair faces a disproportion in bulls and bears distribution, as the buy side controls only 25% and the sell side 75%. Placed orders segment is almost neutral, as 49% are buy and 51% are sell pending positions.
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