The second very popular currency pair among traders, the Cable, showed a mixed performance during the previous week, in line with a strong bearish outlook among Dukascopy Community members. During the first part of the week, the GBP/USD pair traded with no major changes, however, in the middle of the week the Sterling dropped to one-month lows, as investors remained cautious after Euro zone officials gave the country until Thursday to present new proposals to secure a deal with creditors. On Friday, the Pound started to rise on hopes for a deal to avert a Greek exit from the Euro zone.
This week is considered to bring some important statistical data, including the consumer price inflation and monthly employment report from UK. Moreover, US is to publish figures on industrial production and manufacturing activity in the New York region on Wednesday. The US is to round up the week with a string of reports on consumer inflation, building permits, housing starts and consumer sentiment.
Despite that, keeping in mind the 36% bullish sentiment last week, now Dukascopy Community members are more determined on the nearest positive future development of this currency pair. As geula4x expects, "GBP/USD sentiment is expected to be bullish this week, after Greece has reached an agreement with its creditors and other Euro Zone members. Support lies around 1.5500 round number, which was July 12 daily low. Resistance lies around 1.5930, which was recent daily high at June 18. Let's see if bulls can press a higher this week, as the immediate threat of Greece exiting the EZ was removed." rokasltu supports the bearish view, suggesting that "As GBP rate increase is presently set aside and USD rate increase is on the table but with no clear timetable".