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"We're still in a position where our message is... that the next move in interest rates is going to be up."
- Mark Carney, BoE Governor (based on Reuters)
Pair's Outlook
GBP/USD continues to consolidate. And while previously the currency pair was bound by 1.50 from above and by 1.47 from below, volatility since then has notably subsided. Now the upper and the lower limits are at 1.49 and at 1.48, respectively. Still, the market is bearish (since July 2014), meaning supports are in larger danger than resistances. Accordingly a breach of the monthly S2 will imply extension of losses to 1.47.
Traders' Sentiment
Though there are more bears (54%) than bulls (46%), the difference is too small to claim that the sentiment is negative. Meanwhile, the share of sell orders in the 100-pip range from the spot went noticeably up, namely from 53 to 60%.
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