- Bank of New Mellon (based on Business Recorder)
The Sterling failed to rebound yesterday, as it dropped below the 1.49 level and reconfirmed the pattern's lower trend-line. Today the GBP/USD currency pair is under increased risk of falling deeper down, as fundamental data suggests. It is uncertain whether the immediate support will be able to hold the losses at 1.4850—where the rests. Technical studies too suggest the pair is to edge lower; however, the possibility of a surge remains if the US GDP data disappoints, with the weekly PP at 1.4998 acting as the nearest resistance.
Bulls keep retreating, with 63% of all positions now long (previously 64%). The share of buy orders also dropped today, from 49 to 47%.