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"The UK is a relatively safe place compared to Europe, and we're genuinely starting to see outflows from the euro zone and some of that is coming into the UK"
- Nomura (based on Reuters)
Pair's Outlook
Once again GBP/USD failed to breach a resistance zone at 1.5530/53. Therefore the currency couple has preserved its bearish outlook, even though it has not yet left the vicinity of 1.5530/53 and keeps on gravitating towards it. Supports that will be attempting to slow down depreciation of the British Pound are at 1.5432, 1.5389/85 and 1.5291/56.
Traders' Sentiment
The gap between the amounts of long and short positions has vanished, as currently they form equal shares of the market. Consequently, traders' sentiment in mixed, meaning market participants do not share a common idea with respect to what trend the pair will adopt in near future. However, if the Cable surges, its rally will faces a large number of sell orders, which form 67% of the overall amount.
© Dukascopy Bank SA