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"The UK economy is significantly weaker than the U.S. economy and over the next few months I think that will dominate"
- Paul Robinson, Barclays (based on Reuters)
Pair's Outlook
Buying pressure within a support area from 1.5768 to 32 reignited bullish behaviour of the pair, suggesting that the pair intends to advance towards 1.6098, though the journey will not be as quick as previously estimated. Moreover, there will be considerable risks to the rally represented by resistances at 1.5887/1.5915 and 1.5983/1.6031.
Traders' Sentiment
The ratio between long and short positions did not changed since yesterday and is 33% to 67%, respectively, implying generally negative sentiment of the traders towards the cable. Nonetheless, buy orders are in majority, forming 57% of the total amount, while the portion of sell orders is 43%.
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