© Dukascopy Bank SA
- BNP Paribas (based on Reuters)
Pair's Outlook
The British currency ended trade on Thursday with a 33-pip loss against the US Dollar, managing to retain its position above the monthly S3. With technical indicators remaining mixed, the GBP/USD currency pair risks edging lower. The weekly PP and the monthly S3, however, keep providing immediate support, which could still trigger a recovery towards the 1.23 mark. On the other hand, after Tuesday's relatively strong rally the Sterling has been sliding down; moreover no potential game changer is present today, thus, the base case scenario is a bearish development. Losses are unlikely to exceed the 1.22 major level.
Traders' Sentiment
There are 67% of traders with a positive outlook towards the Pound today (previously 64%). Meanwhile, the majority of all pending orders are to sell the Sterling, namely 58% of them.
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