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- Global-info Co (based on Reuters)
Pair's Outlook
The Sterling stabilised yesterday between the 23.60% retracement of the post-Brexit-vote sell-off and the falling trendline that was broken during the second half of the previous week. Considering that the pair is trading in a bullish channel, and it has just confirmed the upper bound of the pattern, we may expect an extension of the latest decline down to 1.3190/70, where we have the lower bound of the channel together with the 55-day SMA. However, taking into account technical indicators, a rally from 1.33 seems more likely for now.
Traders' Sentiment
After a period of relative stability the sentiment noticeably improved yesterday. Bears remain in majority, but the share of longs jumped from 38 to 43%. At the same time, 43% of pending orders are to buy and 57% are to sell the Pound.
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