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"It's just a bit of profit-taking, the one thing that's inevitable is for the dollar to rise."
- Tempus Consulting (based on Business Recorder)
Pair's Outlook
In spite of the Cable dropping under the immediate support cluster in the early hours yesterday, the pair still ended the day on the green side, adding 23 pips. This time the Sterling has little chance of appreciating against the US Dollar for the fifth day in a row. The cluster around 1.5185 remains the nearest support, but if the US fundamentals fall in line with the forecasts—the Pound then risks falling to 1.51 or even lower. However, despite a number of signs indicating a decline today, a disappointment in fundamentals might contribute to the GBP/USD's recovery.
Traders' Sentiment
Bearish traders' sentiment returned to its Wednesday's level of 60%, while the number of sell commands edged higher from 53 to 59%.
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