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"With rate cuts not likely to be imminent we don't expect this to weigh too much on sterling for now"
- Lloyds (based on Reuters)
Pair's Outlook
The Cable has stalled at a formidable resistance area at 1.5721/30 after a robust rebound from the nearest support at 1.5650. Since weekly and monthly indicators point to the downside, recently commenced recovery of GBP/USD is likely to come to an end, although the pair might still reach out for 1.5767/90 before its upward momentum is suppressed.
Traders' Sentiment
The share of bullish traders towards GBP/USD has shrunk to 48%, thus widening the gap between the amounts of long and short positions on the pair to 4%, but increasing it insufficiently in order to determine general sentiment of the market. At the same time distribution among buy and sell orders is 48% to 52%, respectively.
© Dukascopy Bank SA