Technical Analysis GBP/USD upheld by 55-day SMA and monthly PP
Technical Analysis GBP/USD for Monday, July 28, 2014
Pair’s Outlook
GBP/USD is currently trying to find support in the face of the monthly PP and 55-day SMA, but there is a high probability of the price falling even lower. If this is the case, further depreciation of the Sterling will be obstructed by an even denser demand area at 1.69, formed by the 100-day SMA and 17-month up-trend. Considering the weekly and monthly studies, a test of this level may result in a substantial rally.
Traders’ Sentiment
The distribution between the bulls and bears is exactly the same as last Friday, when 37% of traders were expecting the Pound to appreciate and 63% were waiting for it to lose value. As for the orders, there is no difference between the ones to buy and sell.
Source: Dukascopy
