Technical Analysis GBP/USD tests long-term up-trend
Technical Analysis GBP/USD for July 30,2014
Pair’s Outlook
The U.S. Dollar is strengthening, and there are less and less chances that GBP/USD will realise the bullish potential implied by the weekly and monthly technical studies. The monthly pivot point and 55-day SMA failed to stop the sell-off from 1.72, now the positive outlook is in the hands of the up-trend and 100-day SMA. If these are unsuccessful at attracting demand as well, the Sterling will be expected to drop down to at least 1.67.
Traders’ Sentiment
The advantage the bears had over the bulls in the past has finally come to naught, as now there is only an eight-percentage-point difference between the bullish (46%) and bearish (54%) traders in the SWFX market.
Source: Dukascopy
