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"As long as this (Greek) deal holds, a potential roadblock to Fed policy normalisation has been removed, with lift-off from later this year still on track."
- ANZ (based on WBP Online)
Pair's Outlook
In spite of reaching the monthly PP near 1.56, the GBP/USD currency pair still ended up declining yesterday. The pivot point is now providing resistance and should weigh on the Cable, forcing it to fall deeper today. The nearest support is located around 1.5330, represented by a number of important levels; we should see the Sterling edge closer to the cluster within the week and rebound afterwards. Meanwhile, technical indicators retain their bearish signals, bolstering the negative outcome in the daily timeframe.
Traders' Sentiment
Market sentiment remains unchanged and bullish, as 54% of all positions are still long. However, there are a lot less purchase orders today, namely 41%, compared to 56% yesterday.
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