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- ETX capital (based on Business Recorder)
Pair's Outlook
Wednesday ended with the Cable easily climbing over the 1.2250 level, thus, breaching the shorter period consolidation trend. Another bullish development today would imply a breach of the longer period consolidation, with the key resistance being the area around 1.2380, formed by the weekly R2, the monthly PP and the Bollinger band. Once this resistance is pierced, the British currency could partially negate its October losses ahead of the US election results. However, downside risks are also present, as the key resistance is reinforced by a seven-month down-trend. Furthermore, technical indicators are also in favour of a bearish development today.
Traders' Sentiment
Today 63% of traders hold long positions (previously 66%), while the share of sell orders edged down from 59 to 58%.
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