Technical Analysis GBP/USD is looking for support at 1.7042
Pair’s Outlook
The resistance at 1.74 remains a viable target, given the signals of the monthly technical indicators (four are bullish and four are neutral). However, the support at 1.7042 (2009 high) has to prevent further development of the current dip. Otherwise the bullish medium-term potential will not be realised, and the price will be expected to re-test the 17-month trend-line, namely the lower boundary of the bullish channel.
Traders’ Sentiment
The distribution between the bullish (28%) and bearish (72%) market participants is completely unchanged from yesterday’s figures. Moreover, it is the same as five days ago. Concerning the orders, the gap between the buy and sell commands is insignificant.
Source: Dukascopy
