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    GBP/USD attempts to negate weekly losses

    © Dukascopy Bank SA
    "The tight relationship between changes in betting odds and the exchange rate offers an attractive way to compute the impact on the exchange rate of the referendum outcome. It indicates sterling/dollar could well move to $1.30 given a "Leave" vote or $1.50 if "Remain" wins." 
    - SEB (based on Reuters) 


    Pair's Outlook 
    The Cable managed to erase intraday losses and trade flat on Thursday, amid two main opposing referendum groups suspending their campaigns. The main support area, represented by the Bollinger band, the monthly S2 and the weekly S1 was confirmed once more, suggesting that a drop below the 1.41 level is doubtful, at least for now. However, technical indicators insist the GBP/USD pair is to continue weakening today. With no solid fundamental impetus present, the Sterling has the potential to erase this week's losses completely, but only if the immediate resistance in face of the monthly S1 at 1.4288 gives in. 

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish at 62%. The share of buy orders increased from 49 to 57% today.
    © Dukascopy Bank SA

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