GBP/USD attempts to renew bullish sentiments

The Cable stepped higher yesterday, as the pair increased to the monthly R1 level at 1.5362, which is the major resistance in April. In case the pair breaches this level and sets a new high, the next resistance is at 1.5440, where the Bollinger band intersects the weekly R1. However, a buy position might be risky, as sentiments in this pair remain heavily bearish amid the Bank of England plans to expand monetary easing programme.

Investors maintain a fragile majority of buy sentiments in SWFX market, since 53% of orders are long. Pending orders segment also delivers a bullish perspective, as 63% of orders are the buy ones.