- Deutsche Bank (based on PoundSterlingLive)
Although the GBP/USD currency pair appreciated on Wednesday, the immediate resistance in face of the monthly S1 somewhat managed to prevent the price from returning inside the pattern's borders. Nevertheless, the monthly S1 is providing support today, being the only obstacle holding the Cable from edging lower. Even though a rebound is possible, the chance of downside movement Is higher. Technical studies, which were quite reliable this week, also give signals, suggesting yesterday's gains could be erased. Meanwhile, the nearest support is located just under the 1.48 level.
market sentiment remains unchanged at 68%, whereas 64% of all orders are to buy the Sterling today (up from 61% yesterday).