© Dukascopy Bank SA
"There is no change to our neutral outlook for now. We continue to expect GBP to trade in a broad range, likely between 1.4350 and 1.4650 in the coming days."
- UOB (based on FXStreet)
Pair's Outlook
The Cable took another shot at the monthly PP yesterday and, as a result, retreated from intraday losses, closing at 1.4480. Although the weekly pivot point is providing immediate support for the pair, we might still see the cluster just below the 1.44 level get retested, as weekly technical indicators retain their bearish signals. At the same time, if US data disappoints today, the GBP/USD currency pair is likely to end the week higher, with Thursday's losses completely erased. The nearest resistance is formed by a group of technical levels around 1.4670, thus, remaining out of reach.
Traders' Sentiment
Today 56% of traders retain a positive outlook towards the Pound. Meanwhile, the share of purchase orders inched up from 45 to 47%.
© Dukascopy Bank SA