© Dukascopy Bank SA
- CBI Director-General John Cridland (based on Reuters)
Pair's Outlook
GBP/USD exhibited strong bearish sentiments last week, as the price decreased from the weekly R1 at 1.5527 to an area just beneath the major support line at 1.5340. Seems that the Cable settled below the 100-day SMA and monthly PP at 1.5380, thus a probability of the further depreciation remains high. The closest support is the 55-day SMA at 1.5285 and the Bollinger band with the monthly S1 at 1.5212/1.5191.
Traders' Sentiment
Bulls have a minor advantage over bears in the spot market, since the buy side constitutes 53% of the total amount. The bulls wait for the price to reach a stronger support to enlarge their positions, as current sentiments are not powerful enough to push the price higher. Placed orders market is gently bearish with 53% of sell orders.
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