- Pioneer Investments (based on Business Recorder)
Yesterday's ECB's rate decision had an impact on other currency pairs, such as the GBP/USD . The Cable recovered from its intraday low and ended the day with a 66-pip rally, closing near the 1.43 major level. The Sterling appears to be consolidating against the US Dollar this week, with the 1.42 psychological barrier supporting the pair from the downside, also bolstered by the 20-day , the monthly and the weekly PPs , while the upper boundary is represented by the 1.43 mark. Consequently, the momentum should prevail today, although a surge towards the immediate resistance, namely the 55-day and the weekly R1 around 1.4370 is possible.
Bulls lost some numbers over the day, as 58% of all open positions are now long. The share of buy orders, however, inched up from 41 to 59%.