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"The risks facing the euro are greater than sterling. Sterling may outperform the euro, but it may underperform the dollar"
- Rabobank (based on Reuters)
Pair's Outlook
After piercing through a support at 1.5667/38, a fall of the currency pair has been gradually slowing down ahead of 1.5557. Accordingly, at the moment GBP/USD is set to reverse negative trend and commence recovery, as suggested by most of daily technical indicators. An interim resistance is located at 1.5638/67, followed by 1.5719/62 and 1.5795.
Traders' Sentiment
The shares of bullish and bearish towards the Cable market participants are nearly equal, being 51% and 49% of the market respectively, thus implying indecision of traders with respect to the future trend of the pair. Buy orders (43%), however, are outweighed by sell orders (57%).
© Dukascopy Bank SA