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- ING (based on Business Recorder)
Pair's Outlook
The Cable overperformed on Monday, having reached the 1.3150 level, rather than remaining under the 1.31 mark. Another rally will be difficult to achieve, as the nearest resistance is now represented by the monthly PP at 1.3170, which successfully kept the GBP/USD currency pair from advancing since the beginning for three weeks now. Consequently, a bearish development is quite possible, in which case the 20-day SMA right on top of the 1.31 mark will be the nearest support, but is unlikely to limit the losses if those occur. Meanwhile, technical indicators are unable to provide a clear sense of direction today.
Traders' Sentiment
There are 54% of traders being long the Sterling today (previously 57%), whereas the share of sell orders remains unchanged at 59%.
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