© Dukascopy Bank SA
"Investors will be focusing on retail sales data, which have the potential to derail the pound further should the data disappoint."
- IG Markets (based on MarketWatch)
Pair's Outlook
The Cable demonstrates extremely bearish sentiments, as the price decreased by more than 300 pips during the last week. The pair is traded beneath the weekly S2 level at 1.5543, but more importantly the price breached the lower Bollinger band yesterday, thus the probability of a pullback is fairly high. Also, the RSI has a value of 34, and yesterday reached even 30, thus signalling about a potentially oversold situation.
Traders' Sentiment
Distribution of bulls and bears in GBP/USD pair remains similar to yesterday, as the majority of positions are bullish and wait for a pair's reverse. The buy side has 65% of positions and the sell side has 35%. Pending orders' segment is neutral, as both sides have equal shares.
© Dukascopy Bank SA