Technical Analysis GBP/USD may rebound from 1.69
Technical Analysis GBP/USD for Tuesday, July 29, 2014
Pair’s Outlook
The Cable continues putting strong pressure on 1.6982/73, but for now the bulls stand their ground. Despite its importance, a breach of this area will not imply a significant drop of the price. Just 50 pips South from it there is another cluster of supports (up-trend and 100-day SMA), which is reckoned capable of stopping a potential sell-off. In the meantime, the technical indicators are sending positive signals, suggesting the rally did not fade out completely.
Traders’ Sentiment
Through there are still more bears in the market, they are quickly losing their positions. Five days ago they took up 72% of all traders, yesterday—63%, now—59%. As for the orders, there is no real difference between the buy (49%) and sell (51%) commands.
Source: Dukascopy
