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- BK Asset Management (based on PoundSterlingLive)
Pair's Outlook
For the second day in a row the GBP/USD currency pair remained almost completely flat, having edged only ten pips lower yesterday. The Cable remained in limbo mostly due to lack of market movers during the previous days, but that is about to change, as a number of fundamentals are scheduled for today. The Pound is still located below the 20-day SMA and the weekly PP resistance cluster, thus, a downside development is more probable. Technical indicators are too suggesting that the bearish outcome is more likely to occur, but the 1.31 major level remains a relatively strong support. In case of a failure to limit the losses, the next target will be the weekly S1 at 1.3011.
Traders' Sentiment
Bullish market sentiment returned to its Monday's level of 55%, while the share of sell orders edged down from 59 to 52%.
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