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"Even if the polls break toward more clearly toward "Bremain" ahead of the 23 June referendum it's hard to see GBP forcefully unwinding its Brexit premium until the certainty of the vote is out of the way."
- Westpac Global Strategy Group (based on PoundSterlingLive)
Pair's Outlook
On Thursday the Sterling declined against the US Dollar, with the nearest support, namely the weekly PP, managing to limit the losses. Ever since the Cable bounced back from the five-week down-trend, the exchange rate kept edging lower. The weekly PP retains its role of the nearest support, but is unlikely to prevent the GBP/USD currency pair from falling deeper down. In this case the bearish momentum could extend towards the newly-formed falling wedge's support line at 1.4020, which is reinforced by the Bollinger band, the weekly and monthly S1s. Meanwhile, technical indicators are bolstering the possibility of the negative outcome.
Traders' Sentiment
Bullish sentiment remains unchanged at 64%, whereas the portion of orders to acquire the Pound increased from 45 to 54%.
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