- Dennis Lockhart, Federal Reserve (based on WBP Online)
Upon reaching the immediate resistance in face of the weekly R3 on Friday, the GBP/USD was pushed back, leading to a fall towards the 1.53 major level. Dips were limited by the anticipated target, remaining a strong support area today, represented by the 20-day SMA, weekly and monthly PPs. However, the 200-day SMA around 1.5319 could limit the Cable's attempts to appreciate today, while the second resistance area is located out of reach. Nevertheless, the Sterling also risks falling deeper towards the weekly PP at 1.5274.
Bullish market sentiment returned to its Thursday's level of 62%, compared to 57% on Friday. There are more orders to purchase the British Pound today, namely 60% (previously 49%).