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- JP Morgan (based on PoundSterlingLive)
Pair's Outlook
More issues concerning ‘Brexit' continued to weigh on the British Pound on Monday, causing it to fall under the 1.24 mark. With the breach of this major level, the GBP/USD currency pair is expected to slide down further towards 1.2330, where the weekly S1 coincides with the lower Bollinger band, forming a relatively strong demand area. However, technical indicators suggest the Cable is to undergo a correction today, as they are giving bullish signals. Even though we do not rule out the possibility of a surge, the 55-day SMA and the monthly PP are unlikely to let the pair post significant gains today.
Traders' Sentiment
There are 62% of traders with a positive outlook towards the Sterling today. There are slightly less orders to sell the Pound as well, namely 58%, compared to 60% on Monday.
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