- ANZ (based on Reuters)
Upon putting the monthly R1 to the test, the GBP/USD currency pair failed to maintain gains and retreated, closing below the 1. 44 level. The Supply, represented by the weekly R1, at 1.4393 proved to be sufficient to keep the Sterling from appreciating against the Buck, thus, another development today is likely. The nearest support is located around 1.4250 in face of the weekly PP, the 20 and the 55-day SMAs. However, there is still a possibility of the Cable rising higher today on positive fundamental data, with the ceiling being the 1.45 psychological level, as it kept the pair at bay for more than a month.
Market sentiment once again shifted to the side, but remains close to equilibrium, with 53% of all open positions being long. There are now 52% of orders to purchase the British Pound (previously 43%).