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 GBP/USD Hesitant To Rally

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Join date : 2012-01-25

PostSubject: GBP/USD Hesitant To Rally   Mon Mar 10, 2014 10:45 am

GBP/USD Hesitant To Rally

'That the numbers came even while weather was bad shows the underlying strength of the [U.S.] economy. It is good for the U.S. dollar.' - Scotia Capital (based on Reuters)

Pair's Outlook

Although there were not supposed to be any significant resistances nearby, the Sterling was unable to continue advancement. Nevertheless, the near-term outlook is considered to be positive, as the down-trend resistance at 1.6863 is still within reach and there are more 'buy' signals than the 'sell' ones. If, however, GBP/USD fails to turn around, there is a strong support area between 1.66 (monthly PP) and 1.65 (up-trend and 2011 highs).

Traders' Sentiment

The gap between the amounts of bulls and bears has somewhat widened since the previous report, as the portion of the latter increased from 58% up to 60%. A similar tendency was exhibited by the sell orders, their percentage went from 51% to 59%.
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