GBP/USD in tight range between 1.4650 and 1.48
"Global weakness could throw a wrench against another U.S. rate hike."
- Western Union Business Solutions (based on Business Recorder)
Pair's Outlook
Cable's volatility yesterday was limited by the immediate support and resistance, while the GBP/USD ended the day relatively unchanged with a slight move to the downside. Even though the pair remains in a bearish trend, a corrective rally might occur today, without the violation of the resistance in face of the weekly PP. Technical indicators, however, keep giving mixed signals in the daily timeframe, unable to support the positive outlook, suggesting a decline towards the weekly S1 and the Bollinger band around 1.4655 is possible.
Traders' Sentiment
Today 51% of all open positions are long, compared to 65% yesterday. The percentage of buy orders increased from 49 to 63%.
- Western Union Business Solutions (based on Business Recorder)
Pair's Outlook
Cable's volatility yesterday was limited by the immediate support and resistance, while the GBP/USD ended the day relatively unchanged with a slight move to the downside. Even though the pair remains in a bearish trend, a corrective rally might occur today, without the violation of the resistance in face of the weekly PP. Technical indicators, however, keep giving mixed signals in the daily timeframe, unable to support the positive outlook, suggesting a decline towards the weekly S1 and the Bollinger band around 1.4655 is possible.
Traders' Sentiment
Today 51% of all open positions are long, compared to 65% yesterday. The percentage of buy orders increased from 49 to 63%.