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"UK data at the moment matters to sterling at the margin, what matters more is what is going on in the euro area"
- Barclays (based on Reuters)
Pair's Outlook
GBP/USD has passed the 200 day SMA and continues to erode the next resistance area, implying resumption of the advancement after a temporary consolidation at 1.5793/1.5824. Additional resistances are situated at 1.5849 and 1.5983, but they will hardly be serious impediments in case the cable eyes a downtrend resistance at 1.6101, below which the long-term outlook should remain bearish.
Traders' Sentiment
The percentage of the long positions on GBP/USD has fallen to 30%, indicating strengthening bearish sentiment towards the currency couple, as short positions constitute 70% of the market. As for the orders, 48% of them are to buy the British Pound and 52% are to sell it against the USD.
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