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- HSBC (based on Business Recorder)
Pair's Outlook
The GBP/USD currency pair overperformed on Thursday, as it breached the 1.25 major level and established a new four-week high yesterday. The Pound still faces the upper Bollinger band today, but according to technical indicators the pair is to keep edging higher today. Ultimately, the Cable could easily retake the 1.26 major level, with focus shifting to the next strong resistance area around the 1.27 mark, represented by the weekly R1, the 23.60% Fibo and the 55-day SMA. However, in case of the bearish outcome the 1.24 mark is expected to remain intact, as demand around that psychological level is sufficient to limit the losses.
Traders' Sentiment
Although not as strong as yesterday, but market sentiment remains bullish at 62% (previously 65%). At the same time, the share of sell orders lost five percentage points, having fallen to a total of 55%.
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