© Dukascopy Bank SA
"While larger companies continue to access the finance they need, the door often remains closed for young, high-growth firms – stunting the growth prospects of the very businesses we need to help secure our economic future."
- British Chambers of Commerce (based on Scotsman)
Pair's Outlook
It seems that a resistance area, represented by monthly S1 and weekly R2 around 1.5810 was strong enough to push the Cable to the south on Thursday. The cross fell below the weekly R1 at 1.5725, but managed to close the trading day slightly above this level. Despite that, we predict the second attempt to cross this level to be successful and the pair will slip further, with a short-term goal at 1.5660 (monthly S2 and weekly PP).
Traders' Sentiment
Distribution between long and short positions on the SWFX market remains biased in favour of the former, as bulls take up 56% of all opened positions. Bullish pending orders in 100-pip range from the current price, however, deteriorated to reach 38%.
© Dukascopy Bank SA