FXStreet (Guatemala) – Analysts at Brown Brothers Harriman explained that the technical indicators have deteriorated in Sterling.
Key Quotes:
“The MACDs crossed lower last week and the RSI has been drifting lower.”
“The five-day moving average is crossing below the 20-day average today for the first time since mid-April.”
“The speculative shorts in the futures market peaked in mid-March near 85k contracts and have fell to about 59.4k in early May. The speculative longs set 18-month lows in late-April (ahead of the election). They peaked last July near 100k and had fallen to 33k. They stood at 41k contacts on May 19. Tomorrow the CFTC will provide updated positioning figures through May 26. We anticipate long were cut and shorts were grown.”
(Market News Provided by FXstreet)