Technical Analysis GBP/USD hits weekly PP
Technical Analysis GBP/USD for August 06, 2014
Pair’s Outlook
GBP/USD continues to recover—it has already reached the weekly PP at 1.6879. If the currency pair preserves the bullish momentum, it may soon test the 100-day SMA at 1.6916, which in turn is capable of stopping the current advancement. But the resistance area at 1.6997/79 (up-trend, 55-day SMA and monthly PP) is considered to be more important at the moment, as it ensures that the overall outlook is bearish towards the Sterling.
Traders’ Sentiment
Just like yesterday, there is a nominal difference between the amounts of bullish (57) and bearish (43%) market participants. The gap becomes even smaller when we turn to the distribution between the buy (49%) and sell (51%) orders.
Source: Dukascopy
