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- London Capital Group (based on PoundSterlingLive)
Pair's Outlook
The Sterling remained relatively unchanged against the US Dollar yesterday, having experienced a small eight-pip decline. The support area around 1.2390, represented by the weekly S1, the monthly PP and the 20-day SMA, remains strong, thus, a significant drop today is doubtful. Meanwhile, technical indicators are in favour of the bullish outcome, with the weekly pivot point at 1.2544 retaining its role of the immediate resistance. However, the exchange rate is unlikely to reach the immediate supply level, as the 1.25 psychological mark should also be considered as a potential resistance, which kept the GBP/USD pair at bay during the previous two sessions.
Traders' Sentiment
Bulls keep gaining numbers, as 66% of all open positions are long (previously 64%). The portion of sell orders inched up from 61 to 64%.
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