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- a dealer with one large Asian bank in London (based on Business Recorder)
Pair's Outlook
Even though the British currency successfully strengthened against the American Dollar yesterday, it still failed to maintain trade at a fresh two-month high, having closed at 1.2735. On one hand, the Cable could have reached its high for the moment, as technical indicators no longer suggest that more bullish momentum is to follow; on the other hand, the wedge's resistance line near 1.29 is yet to be reached, with sufficient space for a rally present. However, in order to reach the trend-line the pair is required to pierce the 100-day SMA, located around the 1.28 major level.
Traders' Sentiment
Bulls keep losing numbers, as 56% of all open positions are long today (previously 58%). The number of sell orders also increased over the day, namely from 59 to 61%.
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