- Barclays (based on PoundSterlingLive)
The GBP/USD currency pair weakened on Friday, with intraday reaching the 1.5080 level, but with trade closing at 1.5117. Today the Sterling is expected to extend its correction and continue edging lower, as technical indicators suggest in all timeframes. Immediate support is represented by the weekly PP, now located at 1.5058. Meanwhile, the ultimate low rests around 1.49, namely the lower border of the , which should limit this week's losses and preserve the pattern. At the same time, the 20-day is providing resistance around 1.5144, in case bulls take over.
Bulls now take up 59% of the market (previously 56%). The portion of buy orders, however, dropped 14 percentage points to 58%.