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    GBP/USD attempts to retake 1.46

    © Dukascopy Bank SA
    "Even if immediate Sterling strength ultimately proves corrective further gains appear likely in coming sessions. Some resistance will probably emerge around 1.4750 but looking ahead an extension nearer to 1.5000 is achievable before strong resistance is encountered again."
    -  Associated Foreign Exchange (based on PoundSterlingLive)
    Pair's Outlook
    The British Pound retreated from its intraday gain on Tuesday, weakened by the UK Manufacturing PMI, with price ultimately closing with a 138-pip loss. Even though technical indicators retain bullish signals in the daily timeframe, the GBP/USD currency pair risks sustaining another sharp decline today. In this case the exchange rate is to fall towards the immediate support cluster around 1.4440, represented by the weekly S1 and the monthly PP. A drop beyond this level would imply a fall towards 1.4385, where the 20-day SMA coincides with the 100-day one. On the other hand, positive fundamentals could help the Cable retake the 1.46 major level today.
    Traders' Sentiment
    Traders' sentiment is now bullish, taking up 54% of the market, whereas the portion of buy orders edged lower from 51 to 47%.
    © Dukascopy Bank SA

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