© Dukascopy Bank SA
"We probably have more momentum heading into the final quarter of the year. We're probably on pace for another 3 percent to 3.5 percent growth in the final three months."
- Societe Generale (based on Bloomberg)
Pair's Outlook
It seems that for the time being a resistance at 1.5724, represented by the weekly R1 is too strong for GBP/USD's bulls to cross it. Yesterday, the pair managed to climb above the major level at 1.57, but was stopped by the resistance 20 pips above. If the Cable eventually crosses this level, we can see it rising up to 1.58. Otherwise, a decline back to monthly S2 is very likely, as suggested both by daily and weekly technical studies.
Traders' Sentiment
The gap between long and short positions continued to widen on Tuesday. Right now 61% of them are taken by bulls and 39% by bears. Pending orders, however, changed insignificantly, as 56% of them are now set to sell the Pound in 100-pip range from the spot.
© Dukascopy Bank SA