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- HSBC Markets (based on Reuters)
Pair's Outlook
GBP/USD pair maintains a bullish impetus and steps higher along with the upper Bollinger line. As the price easily passes all resistance levels, the currency pair demonstrates a strong bullish momentum, but in a such situation, a correction is highly probable and the price may slip as easily as it increased. The next resistance level lies at 1.6244, the weekly R1. In case the price reverses, its depreciation should be stopped by the monthly R1 at 1.6181 and the weekly PP at 1.6129.
Traders' Sentiment
Bears' expectations to finally see a depreciation of the Dollar reached a significant extent, as the buy side has only 22% and the sell side 78%. Pending orders market also turned to bearish, as buy orders have 47% and sell orders 53%.
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