GBP/USD to preserve negative bias until 1.6050

October 2, 2014

Pair's Outlook
GBP/USD keeps moving away from the three-month down-trend, which is expected to lead the pair to this year's minimum. The immediate support is at 1.6162, represented by the weekly S1, but it is highly unlikely to influence the major bearish trend. The demand at 1.6050 on the other hand poses a real threat to the bears—potentially it can send the price to 1.63 and in case of success there—to a neck-line of a double bottom pattern at 1.65.

Traders' Sentiment
The difference between the amounts of bullish and bearish market participants is almost the same as yesterday—18 percentage points in favour of the former. Meanwhile, the portion of sell orders plummeted from 66 to 50%.
 

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