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The previous trading week was marked by a number of meeting of central banks, including the Bank of England, while its decision on the monetary policy course had an impact on all Pound crosses and the Cable was not an exception. Fluctuating in an overall bearish trend for the most of the week due to strong U.S. statistical data, the pair slipped even more on Thursday, when the BoE decision was finally announced. While trading around 1.66 level on Monday, the Pound lost some ground to hover at 1.6282 on Friday's morning. At the same time, weak U.S. employment data later that day helped the pair to recover some losses, as it closed at 1.6328 on Friday's evening. Such course of events, however, was unexpected for Dukascopy Community members, as 55.6% of them waited for the pair to increase in value.
This week the sentiment changed a little, as the same number of our weekly quiz participants expect the pair either to gain value or to decline. The average forecast for the end of the current week went down, namely to 1.6250, the level just above the weekly and daily S1 support lines. However, the range of predictions is rather high, meaning that traders assume the possible movement of the Pound can be very broad both to the upside and downside. As aslamhammad considers, "...the trend is bearish of GBP/USD. I expect this pair to trade lower. I expect some good retail sales next Friday on 12th September. So my sentiment is bearish on the GBP/USD", while Germanator suggests an opposite scenario for the Pound: "Not very probable to see continuation below 1.6200. First, there is a lot of support at those levels, second this pair already had a powerful slide lower for 3 days, so i think that we will see a move higher back to 1.6400 and some digestion before continuing. "
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