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"Given the prospects for the UK relative to the rest of the world, we'd still prefer to be short sterling at the moment"
- Barclays (based on Reuters)
Pair's Outlook
The price is approaching a congregation of resistances at 1.5731/79, which is viewed impenetrable at the moment, being that medium and long-term indicators are bearish. Accordingly, the cable is likely to bounce off the resistance area strongly and then retreat to 1.5624/1.5599, while additional supports are located at 1.5565 and 1.5517.
Traders' Sentiment
The portion of bullish market participants keeps on dropping and has already reached 42%. Consequently, traders' sentiment towards GBP/USD is increasingly bearish, since the part of short positions is 58%. Additionally, percentage of buy orders has fallen as well, namely down to 43%.
© Dukascopy Bank SA