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- BMO Capital Markets (based on Reuters)
Pair's Outlook
GBP/USD pair demonstrates a rarely strong bullish momentum, as the price increases without bigger corrections for the second week. The currency pair overcame the weekly R1 at 1.6244 and steps even higher towards the weekly R2 at 1.6314. However, a potential appreciation in an upcoming sessions is not very likely, as technical indicators mean heavily overbought price - the RSI indicator has a value of 75 and the price is sharply above the daily Bollinger band.
Traders' Sentiment
The British Sterling recovers its positions, as the bullish side grew to 24% and the bearish side slipped to 76%. Placed orders segment increased its bearish sentiment even more, as 44% of orders are buy and 56% are sell.
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