- Barclays (based on Reuters)
Although no significant level was crossed yesterday, the Cable still suffered a rather serious decline. The weekly S1 was able to keep the pair afloat, but according to technical studies—another slump is on the way. The bottom floor is estimated to be located at 1.5070, whereas the weekly S2 and the lower around 1.5030 should prevent any further losses. Meanwhile, a chance of the GBP/USD regaining the momentum exists, creating a possibility for the Sterling to retake the 23.60% Fibo and even 1.52.
Bears are now outnumbering the bulls by only 2% points. At the same time, the number of buy orders increased as well, but the commands take up only 36% of the market (previously 30%).