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"There's a possibility that the first rate hike might ... not come until the second half of next year."
- Bank of New York Mellon (based on Reuters)
Pair's Outlook
Soon after closing the downside gap GBP/USD turned around and resumed to decline. The pair has already fallen more than six figures since the beginning of this quarter, but is nonetheless seen as capable of moving even deeper South, possibly down to 1.6250 (2014 low). However, while the daily technical studies suggest the Sterling might soon test the monthly S3 at 1.6434, the monthly indicators are still in favour of a rally.
Traders' Sentiment
A substantial majority (67%) of the SWFX market participants consider the British Pound to be oversold, as they are holding long positions. Concerning the orders, there is currently no difference between the buy (52%) and sell (48%) ones.
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