© Dukascopy Bank
- Barclays Capital (based on Reuters)
Industry outlook
Despite persistence of the pair in challenging 1.60, it is not deemed as bullish enough to be capable of clearing out resistances that lie ahead. Therefore the Cable should decline in the long-term perspective.
Traders' sentiment
Bears have increased their dominance, by expanding their share up to 72% of the market, while bulls continue losing ground and currently compose 28% of the market.
Long position opened
The break of the short-term resistance line 1.5998 would pave the way for the pair to rise up to 1.6038. The clearance of the second daily resistance level would establish a new target for traders at 1.6091.
Short position opened
Bearish market players will pay attention to a near-term support at 1.5905. The downtrend continuation will establish following targets for traders: S2 at 1.5852 and S3 at 1.5812.
© Dukascopy Bank