Technical Analysis GBP/USD tries to find support at 1.69
Technical Analysis GBP/USD for July 31, 2014
Pair’s Outlook
There still seems to be a small chance for the Sterling to avoid further depreciation, as it is currently facing a number of strong supports. Apart from a long-term rising trend-line, there is the 100-day SMA that this year proved to be worth considering. Moreover, most of the technical indicators on the weekly and monthly time-frames are pointing North, suggesting the bulls could potentially regain control of the market and save the positive outlook.
Traders’ Sentiment
Substantial depreciation of the Pound during the last weeks has led to a balance between the bullish (49%) and bearish (51%) market participants. In the meantime, the share of buy orders 100 pips from the spot fell from 54% down to 43%.
Source: Dukascopy
