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- Manulife Asset Management (based on Bloomberg)
Pair's Outlook
The GBP/USD pair's consolidation trend was preserved yesterday, as the 1.2250 level remained intact. However, the Cable remained completely flat on Tuesday, thus, the outlook is unchanged today, with the Sterling still expected to edge lower. The 20-day SMA and the weekly R1 keep providing immediate resistance just above the 1.2250 mark, whereas the weekly pivot point is the nearest support at 1.2183, also being the main target. At the same time, the 1.2150 level represents the consolidation trend's lower boundary, where demand is likely to be sufficient to trigger a rebound or at least prevent the given pair from sustaining sharper losses.
Traders' Sentiment
There are 66% of traders being long the Pound today (previously 68%), while 59% of all pending orders are to sell the British currency.
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