Technical Analysis GBP/USD bounced off weekly pivot
Technical Analysis GBP/USD for August 7, 2014
Pair’s Outlook
Although the Cable had the potential to advance a little further, towards the 100-day SMA or even the up-trend at 1.70, the weekly pivot point turned out to be enough to halt the rally. Now, as suggested by the daily technical indicators, the Sterling is likely to negate the recent gains and fall down to 1.6768/59, where it is going to encounter the weekly and monthly S1. Slightly lower, at 1.6731, there is the 200-day SMA ready to come into play.
Traders’ Sentiment
The gap between the bullish and bearish market participants has slightly widened since the last report—from 14 to 18 percentage points. As for the orders, there are now more commands to purchase the Pound (58%) than to sell it (42%).
Source: Dukascopy
