GBP/USD's outlook remains negative

Similarly to EUR/USD, the Cable, being unable to overcome the major down-trend, is sliding down. Right now the currency pair is at the rising support line, but is unlikely to rally from here, as suggested by five out of eight technical studies. Instead the price is expected to remain bearish with the medium-term target at 1.5750/00, where the 100-day SMA merges with the June high.

The difference between the amounts of bullish and bearish with respect to GBP/USD market participants has greatly diminished since the previous report. Now the latter (53%) have only a marginal advantage over the former (47%), meaning that at the moment the traders are largely undecided regarding the future of the pair.