- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
The Cable was pushed down below the 1.48 major level on Tuesday, amid a strong reading of US fundamental data. Even though trade closed at 1.4820, technical studies retain their signals, suggesting the GBP/USD might edge lower for the third consecutive day. At the same time, the monthly and weekly S1s are providing resistance around 1.4860, while support is represented by the weekly S1 and the circa 1.4750. A return inside the falling wedge's trading range for the second time would be a positive surprise, but it would still diminish the pattern's viability.
traders' sentiment remains unchanged at 65%, whereas the portion of orders to buy the Pound added 2% points up to 53%.