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"The [Bank of England] MPC is going to ease more but [sterling] may not be able to get any more downside to market rates given how well [QE] is priced in"
- Societe Generale (based on Reuters)
Pair's Outlook
As expected, the Cable has bounced off a support area at 1.5581/71 and has just encountered an interim resistance at 1.5638/67, which is unlikely to play a significant role in future fluctuations. Resistance zone that stretches from 1.5719 to 1.5787, on the other hand, poses significant risk to the upside momentum, but should eventually give in.
Traders' Sentiment
SWFX traders' sentiment is mixed towards GBP/USD, as the amounts of bulls and bears are equal, each constituting 50% of the market. As for the orders, 42% of them are to acquire the Great Britain Pound, while majority of market participants (58%) are intending to sell it against the Greenback.
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