© Dukascopy Bank SA
- Based on MarketWatch
Pair's Outlook
As expected, the GBP/USD did not manage to stabilize after a sharp decline on Wednesday. The pair declined to down to monthly and weekly R2 around 1.5660 on Thursday. Daily technical studies still predict the British pound to stop falling, as in the long-term the pair is likely to commence a recovery. However, if bears put more pressure on the cross, it is likely to lose more value, potentially down to weekly S3 at 1.5541 in the next few days.
Traders' Sentiment
Even though the pair dropped considerably, market participants opened more short positions on the GBP/USD pair, as now they have 45% of all, five percentage points more than 24 hours ago. Pending orders, in turn, remain strongly negative on the Pound.
© Dukascopy Bank SA