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"Though the minutes suggested more QE was possible there is hope that the better data may stay the BoE's hand come November and this is standing the pound in reasonably good stead"
- Moneycorp (based on Reuters)
Pair's Outlook
The market appears to respect a downtrend resistance line currently located at 1.6242, though bullish pressure still seems to overpower bids at this level, thus making 1.6300 exposed to risk of being breached in the near term. Subsequent resistances are at 1.6331/66 and 1.6441/43, although the pair did not yet confirm its bullish intentions and is a subject to a dip.
Traders' Sentiment
Positioning of traders is still very much bearish on the cable, given that the ratio between bulls and bears is 30% to 70%, respectively. As for the orders, 59% of them are to buy the British Pound and 41% are to sell it against the greenback, which in a sense contradicts traders' sentiment.
© Dukascopy Bank SA