- Bank of Tokyo-Mitsubishi UFJ (based on Business Recorder)
The British currency started the week with a rather serious decline, but with the support line untested. Technical indicators are shifted from to mixed signals in the , suggesting a possibility of a reaction today exists. The up-trend is reinforced by the monthly PP, the weekly S1 and the 20-day , thus, we should not see a more than 50-pip slump; unless data disappoints dramatically. Meanwhile, the weekly PP is the closest resistance, but is unlikely to provide sufficient supply and limit the gains.
Today 60% of all open positions are long, compared to 53%. At the same time, the number of purchase orders surged from 47 to 65%.