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- Rabobank (based on FXStreet)
Pair's Outlook
The British currency weakened against the US Dollar on Thursday, but remained in its intraweek trading range, namely between the weekly S1 from the downside and the monthly S3 from the upside. Today the Sterling is expected to remain within this range and receive a boost from the weak US GDP reading. Meanwhile, technical indicators somewhat confirm this outlook, as they keep giving mixed signals in all timeframes. However, there is always a risk of the US data surprising to the upside, which would cause the Cable to fall back to at least 1.21, with the next target being the weekly S2 at 1.2040.
Traders' Sentiment
Market sentiment remains strongly bullish, with 69% of traders holding long positions today (previously 68%). At the same time, the number of orders to sell the Pound edged up from 58 to 65%.
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