GBP/USD is sidelined

GBP/USD remains flat—between the weekly and monthly pivot points. Still, the risks for the near term are skewed to the upside, since the main bullish factor for the currency pair—it stays above the up-trend line which has been in force since the beginning of July, is present at the moment. Additionally, the among the eight most popular technical indicators on a weekly time-frame five are currently bullish.

While the popularity of the U.S. Dollar is currently on the decline, there is a growing number of SWFX market participants believing the Great Britain Pound will manage to appreciate relative to the greenback, though such an idea is still shared by a minority—44% of the total.