- Westpac Institutional Bank (based on PoundSterlingLive)
Amid devastating US NFP data on Friday, the GBP/USD currency pair soared, reconfirming the three-month up-trend. Nevertheless, the Cable opened with a bearish gap today and with the bearish momentum taking the upper hand, as the ‘Brexit' fear is back. Technically, the exchange rate should find support around the 1.44 major level, where the 55-day SMA coincides with the earlier-mentioned up-trend. Meanwhile, technical studies are giving mixed signals, suggesting that a close beyond the immediate support cluster is doubtful, despite volatility stretching further.
Market sentiment remains unchanged at 54% since Friday, whereas the portion of orders to acquire the British currency added 18 percentage points, having risen up to a total of 67%.