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- BNP Paribas (based on Reuters)
Pair's Outlook
The Cable declined to 1.52 yesterday, where it can find some support before likely ceding more ground. In the short run the downside is limited by the weekly and monthly PPs. However, at the same time there is a major falling resistance line at 1.53 that is expected to drive the currency pair lower. During the coming days GBP/USD may re-visit the tough support at 1.50, violation of which will imply a sell-off down to the 2013 low at 1.48.
Traders' Sentiment
The SWFX market participants remain undecided with respect to the Sterling, being that 52% of open positions are long and 48% are short. As for the pending orders, right now there are relatively less buy commands than yesterday, 57% compared to 61%.
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