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"It is a borderline as to whether the Bank of England starts to raise interest rates at the end of this year or holds fire until early 2016."
- ING Global Insight (based on Bloomberg)
Pair's Outlook
Looking closer at the GBP/USD pair on an hourly chart, the cross is steadily declining towards a two-day low of 1.5343. However, the closest support, which is the weekly PP, is also backed by the lower border of the Bollinger band, strengthening the initial support level. The Sterling is likely to regain momentum in a couple of hours or at the end of the day, unless the US releases are better than expected.
Traders' Sentiment
SWFX market participants remain equally divided between the bulls and bears. Meanwhile, there is a growing percentage of commands to buy the Sterling. Over the night their share went up from 62% to 73%, indicating growing demand.
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