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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.