- Intesa Bank (based on PoundSterlingLive)
Although the Cable edged closer to the resistance cluster around 1.44, it stabilised at lower at 1.4340. Nonetheless, the momentum prevailed yesterday and could even push the GBP/USD above 1.44 today. Technical indicators also suggest the pair extend its gains, however, a strong impetus is required for the rally to overcome the immediate resistance. Chances of the Pound suffering a loss are higher, which the nearest support, namely the weekly S2 at 1.4255, will doubtfully be able to stop.
Bulls remain strong, as 61% of traders hold long positions today, compared to 58% on Thursday. At the same time, the portion of orders to acquire the Sterling added 7% points, rising up to 63%.