- FPG Securities (based on Reuters)
Strong US GDP figures caused the Cable to retreat from its daily high of 1.4045, ultimately falling to the lowest in six years. According to technical studies, the given pair is likely to undergo another sell-off, with the immediate support in face of the doubtfully limiting the losses. Consequently, the GBP/USD currency pair's price could fall below the 1.38 level, with the second located only around 1.3680. Meanwhile, the monthly S1 and the weekly PP form a rather strong resistance cluster circa 1.3980, in case bulls manage to push the Sterling higher against the Buck.
SWFX traders' sentiment remains , now at 65%, compared to 63% last Friday. At the same time, the number of orders to acquire the British currency added three percentage points, surging up to 58%.