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- Credit Agricole (based on Business Recorder)
Pair's Outlook
Even though the Cable currency managed to recover from its intraday losses yesterday, the immediate resistance area still remained intact. Nevertheless, the main outlook is unchanged, with the British currency expected to continue edging lower. The 1.22 psychological level could provide some support, but the bearish momentum is likely to keep prevailing until the 1.2150 level is reached, while the weekly S1 is the target support, located at 1.2138. On the other hand, technical indicators retain mixed signals in all timeframes, and due to lack of solid market movers there is a chance the GBP/USD pair will remain relatively flat for another day.
Traders' Sentiment
Today 65% of traders are long the Sterling (previously 64%), whereas 59% of all pending orders are to sell the Pound (down from 60%).
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