© Dukascopy Bank
"The government in Britain has come under increasing pressure to soften its austerity measures to give a stalling economy room to breathe"
- Reuters
Industry outlook
After bouncing off 200 day ma at 1.5928 the pair is now gaining bearish momentum. In the short-term the Cable might tumble down to 1.5660 first and then aim for 1.5600 (55 day ma). Subsequent levels may be found at 1.5580 and 1.5300.
Traders' sentiment
Even though the gap between the portions of bulls and bears has narrowed, the sentiment has not changed considerably. Longs constitute only 27% of the total amount of positions, whereas shorts dominate the market with 73% of it.
Long position opened
Initial resistance area for the pair is situated at 1.5808. Subsequent goals for the bullish market payers may be found at 1.5851 and 1.5876.
Short position opened
Bearish market players will pay attention to a near-term support at 1.5740. The downtrend continuation will establish following targets for traders: S2 at 1.5715 and S3 at 1.5762.
© Dukascopy Bank