© Dukascopy Bank SA
- ABN Amro (based on Business Recorder)
Pair's Outlook
The GBP/USD currency pair remained relatively unchanged yesterday, having inched only 24 pips higher, amid mixed UK fundamental data results. However, the Cable opened on top a relatively strong support, represented by the 20-day SMA and the weekly PP, which should keep the Pound elevated. Even with better-than-expected fundamentals today, the UK currency is unlikely to climb over the 1.34 major level, leaving the immediate resistance around 1.3485 intact. On the other hand, we should not rule out the possibility of the bearish development prevailing, due to technical indicators in the daily timeframe giving bearish signals. The key bottom target is the 1.31 psychological level.
Traders' Sentiment
Today 58% of all open positions are long, compared to 57% yesterday. Meanwhile, the share of sell orders dropped from 69 to 53%.
© Dukascopy Bank SA