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"The market will probably sell into a rally ahead of $1.57 because of the inflation report on Wednesday"
- CIBC (based on Reuters)
Pair's Outlook
The cable received strong bullish impetus from a 55 day SMA at 1.5590, ahead of an uptrend support at 1.5540/17. However, the currency pair was unable to close above 1.5608/24 and should stay calm for now. In case GBP/USD commences robust recovery, it will encounter a formidable resistance at 1.5731/73, which has remained intact for more than two months.
Traders' Sentiment
The portion of bullish traders has fallen down to 49%, whereas bears currently form a majority - 51%, signifying emerging negative sentiment towards the cable. Additionally, the share of sell orders (52%) also exceeds the share of buy orders (48%), however, the advantage is yet insufficient to make any inferences.
© Dukascopy Bank SA