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"The negative UK economic data is less of an issue right now as people are focused on the euro zone"
- UBS (based on Reuters)
Pair's Outlook
The Cable has bounced off a support line at 1.5504, though gains are likely to be tepid, given that the currency pair is headed towards 1.5283/51 and long-term outlook for which is from neutral to bearish. In case of a rally, resistances at 1.5574/83 and 1.5620 will guard a key zone at 1.5724/31 from being challenged.
Traders' Sentiment
Even though the percentage of long positions has surged up to 54%, the overall sentiment of traders remains mixed towards GBP/USD, since the advantage in numbers over short positions is yet insufficient to claim that the pair is overbought. Concerning the orders placed on the Cable, 34% of them are buy orders and 64% are sell orders.
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