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 GBP/USD reaches a long-term support line

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fxpulsation




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GBP/USD reaches a long-term support line Empty
PostSubject: GBP/USD reaches a long-term support line   GBP/USD reaches a long-term support line Icon_minitimeTue Jan 29, 2013 11:09 am

GBP/USD reaches a long-term support line

'The prospect of more activist monetary policy is not an encouraging one for GBP, certainly not as it comes on top of a host of other negative developments - an economy that is triple-dipping, a government that is struggling to cut its deficit.' - JPMorgan (based on Reuters)

Pair's Outlook

The Cable exhibits significant bearish sentiments, as the price depreciates without any corrections. Yesterday, the pair has reached a 11-month support line at 1.5707, which might be strong enough support to halt the recent price depreciation. Also, an oversold situation is very possible, as the RSI indicator implies increased risk. The index has a value of 24 in a daily graph and 39 in a weekly graph.

Traders' Sentiment

Sharp depreciation of the Sterling attracts a lot of traders, as the buy side has 71% of all opened positions and bearish side has only 29% of positions. Pending orders market is gently bullish, as 52% of orders are long and 48% are short.

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