Technical Analysis GBP/USD tests monthly S1
Technical Analysis GBP/USD for August 11, 2014
Pair’s Outlook
GBP/USD has just hit the monthly S1, and if the bears keep forcing the pair to go lower, there are also the 200-day SMA and May low that are ready to help the Sterling. Given a large number of important levels underneath the spot, there is a high possibility the sell-off may soon discontinue without crossing 1.67. The upside risks are at the same time implied by the monthly technical indicators, as five of them are bullish.
Traders’ Sentiment
There are currently more long positions than short ones in the market—the share of the former is 61%. At the same time there are more commands placed to acquire the British Pound than to sell the currency—59 and 41% respectively.
Source: Dukascopy
