© Dukascopy Bank SA
The Cable has been turbulent since Thursday when we observed the Sterling's value climbing higher amid news from the ECB. A short-lived correction started after GBP/USD met the 100-period SMA at 1.5145. However, the weekly S1 is now reviving the Pound's strength again. Judging from SWFX sentiment, the cross may continue appreciating, being that 54% of all positions are bullish. In spite of that, all aggregate technical indicators are bearish for the moment, as they foresee GBP/USD failing again soon. We are closely watching the already mentioned 100-period SMA, which will be neared shortly. Consolidation above it will reopen the trend-line, monthly PP and 200-period SMA at 1.5167/92.
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