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- Credit Agricole (based on Reuters)
Pair's Outlook
Being that GBP/USD failed to breach the support at 1.6319/00 last week, the price soared up to the monthly PP at 1.6449, which is likely to stay intact. Still, eventually the Pound should manage to push through the formidable demand area created by the 2012 highs, up-trend and monthly S1 level and then seek the 100-day SMA that presently is at 1.6229.
Traders' Sentiment
The market participants remain indecisive—53% are holding bullish and 47% are holding bearish positions towards the British Pound. The same picture is observed with the orders set on GBP/USD 100 pips from the spot—50% are to purchase and 50% are to sell the Sterling.
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