© Dukascopy Bank SA
"Cable will struggle to rise past those April highs of $1.63"
- Saxo Bank (based on Reuters)
Pair's Outlook
The cable is persistently moving towards a cluster of resistances at 1.6400/43; it has already pushed through 1.6163/77. The next objective for the pair lies at 1.6292 despite the bearish readings of technical indicators, which are likely anticipating downward correction GBP/USD will have to undergo at some of the levels situated overhead.
Traders' Sentiment
The gap between the shares of long and short positions has increased even further, as the portion of bulls has diminished to 25%, whereas three out of four market participants stay short on the currency couple. The ratio between buy and sell orders is 45% to 55%, respectively.
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