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- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
Once again the GBP/USD currency pair failed to fall below the 1.31 major level, remaining almost completely unchanged on Monday. However, the Cable is expected to experience more pressure today, with risks of the 1.31 mark getting breached now higher. Even though technical studies are neutral in all timeframes, a bullish development is unlikely, as the cluster, represented by the 20-day SMA and the weekly PP, keeps providing strong immediate resistance at 1.3163. A close above the 1.31 major level is still possible, unless losses exceed 40 pips, whereas the nearest support remains out of reach at 1.3011.
Traders' Sentiment
Bullish sentiment keeps fading away, as today 52% of traders hold long positions, compared to 55% on Monday. There is also a decent portion of orders to sell the Pound, namely 59% (previously 73%).
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