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- Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
Having slumped for the fifth time in a row, the Cable still managed to remain above the 1.30 handle on Tuesday. Investors appear to be taking profit after the plunge, but the 1.31 mark is still a difficult goal to achieve. However, the nearest resistance is still located around 1.3165, represented by the 20-day SMA, the weekly and the monthly PPs. Meanwhile, the 1.30 level is being bolstered by the weekly S1 and the Bollinger band, contributing to the Sterling's rebound today. Nevertheless, risks of intraday gains being erased persist, which could result in a further decline below 1.30, as technical indicators retain mixed signals.
Traders' Sentiment
Sentiment is mostly neutral, as bulls are outnumbering the bears by only 4% points. The share of sell orders increased from 62 to 64%.
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