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"Sterling is looking quite perky against the dollar because there is more risk appetite as the Germans are more flexible"
- ETX Capital (based on Reuters)
Pair's Outlook
Bullish momentum of GBP/USD attenuates ahead of a cluster of resistances located at 1.5737/66, suggesting we are likely to see another leg down before positive outlook is fully restored. Potentially, the Cable is set to attain 1.6155, however, is bearish in the short-term. An interim support is at 1.5625/11, while 1.5570/36 should halt dips from extending further.
Traders' Sentiment
Bears currently outnumber bulls, but the advantage is yet neglectable, since the difference between the shares of long and short positions on the Cable is merely 4%. Therefore the market is yet uncertain with respect to the trend the currency pair will adopt in near future. The amounts of buy and sell orders are equal.
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