- 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%.