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"The possibility that we might have reached a turning point in the (UK) growth numbers is definitely there, and that's what's weighing on sterling."
- Societe Generale (based on Reuters)
Pair's Outlook
GBP/USD disregarded the down-trend line and closed beneath 1.52. The currency pair is now facing the demand at 1.5150, implied by the weekly S2 and monthly S3 levels. If this support also fails to halt depreciation of the Sterling, there will be no more reasons for the price not to drop to the 2013 low at 1.48. However, only weekly technicals are explicitly bearish, the daily and monthly indicators remain mixed.
Traders' Sentiment
As the Pound becomes cheaper, it also becomes more attractive for the bulls. As a result, the percentage of long positions increased from 60 to 63%. At the same time, the share of sell orders is also on the rise, it has gone up from 60 to 62% within the last 24 hours.
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