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"Overall, sterling seems to have lost its shine over the last couple of weeks. We've broken down through key trendline support in cable around $1.5445 and I think rallies back to there are a sell"
- Richard Wiltshire, ETX Capital (based on Reuters)
Pair's Outlook
Downward advancement of the Cable is gradually slowing down ahead of a key support at 1.5261. As suspected, the currency couple is currently attempting to reverse bearish trend and start conquering resistances. The initial one is situated at 1.5443, while subsequent levels are located at 1.5538 and at 1.5620/67. However, being that some of the technical studies still point to the downside, change of the prior trend might not yet be fully completed.
Traders' Sentiment
Most of the traders (58%), who have opened positions on GBP/USD, remain bullish on the pair, expecting the Sterling to outperform the Greenback. However, 56% of all the orders placed on GBP/USD are to acquire the U.S. Dollar, implying that share of bears might soon increase.
© Dukascopy Bank SA