07-29-2019 GBP/USD - Bearish continues - weekly chart -
Hi traders,
The Cable is trending down as possibility of no-deal Brexit arises.
As we are seeing its lowest in 2 years, traders are betting long on the cable now.
79% are long and only 21% are short, according to IG sentiment index.
We have huge demand zone around 1.20XXX level so we will see the cable rebounding soon.
Until then, we will continue to see a downtrend.
The Cable is trending down as possibility of no-deal Brexit arises.
As we are seeing its lowest in 2 years, traders are betting long on the cable now.
79% are long and only 21% are short, according to IG sentiment index.
We have huge demand zone around 1.20XXX level so we will see the cable rebounding soon.
Until then, we will continue to see a downtrend.