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- Investec (based on Reuters)
Pair's Outlook
GBP/USD trades lower today in anticipation of the BOE's decision on the interest rate. Nevertheless, from a technical perspective the currency pair retains a good chance to resume Tuesday's rally, as it has recently broken out of the triangle to the upside. If the price manages to stay above 1.32 and then consolidates over 1.3350, the next objective for bulls will be the July high at 1.3480. A case for a stronger Pound, however, is weak, as the technical indicators are from neutral to bearish.
Traders' Sentiment
Ambiguity of Sterling's prospects is also highlighted by traders' indecision: bulls and bears are presently equal in numbers. In the meantime, the share of sell orders is 20% higher than the share of buy orders.
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