© Dukascopy Bank SA
- Cmmerzbank AG (based on Bloomberg)
Pair's Outlook
The Cable moves more volatile than the major currency pair, since GBP/USD is already testing the 55-day SMA at 1.6060. Today, the price is already slightly lower than the average and, if the pair closes beneath the SMA, it is likely to see a further depreciation or even a trend reverse. The closest support levels are at 1.6010, the lower Bollinger band, and 1.5879, where the monthly S2 converges with the 200-day SMA and compiles a major support level.
Traders' Sentiment
The British Pound sharply strengthens its positions, since bulls of the pair increased their share to 69% and bears slipped to 31%. Pending orders segment is gently bullish, as 54% of orders are buy and 46% are sell.
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