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"The prognosis for the UK is not a very good one, and only thing saving the pound so far is it's not the euro"
- Baring Asset Management (based on Reuters)
Pair's Outlook
GBP/USD fell abruptly to 1.5403/1.5385 and is consolidating at the moment. The Cable is likely to continue testing this area until it is breached and then turn to 1.5291/56, where the pair may form a second low of a double bottom pattern and commence robust recovery, which in turn may to lead to an attempt to climb over a neckline at 1.5717/25.
Traders' Sentiment
Being that the ratio between bullish and bearish towards the Cable market participants is 51% to 49%, the overall SWFX marketplace traders' sentiment in mixed. However, provided that the pair advances, it will encounter a large amount of sell orders, that may hamper upward movement, as they constitute 63% of total number of orders.
© Dukascopy Bank SA