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"If we could narrow the tax gap in this country by a quarter we could reduce income tax for every basic rate payer by 2p in the pound."
- Chief Secretary of the Treasury's (based on BBC)
Pair's Outlook
The British pound is set to recover Friday loss today against the US dollar. If bullish momentum emerges, 1.5667 is prone to become the first target (PP Monthly), followed by 1.5749 (200-day SMA) and the 1.5830/60 zone (100-day SMA; R2 Weekly) respectively, if the bullish bias remains.
Traders' Sentiment
The portion of traders holding long positions on GBP/USD slightly fell compared to the previous report and presently the sentiment is still mixed as 51% of traders keep long positions. However, the share of buy orders is significantly lower than the portion of sell orders, being 41% and 59% of the market, respectively.
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