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"The MPC seems to be sitting on the fence, hoping that data will show the way forward. It looks like a rate cut is not on the agenda but more QE is possible"
- ETX Capital (based on Reuters)
Pair's Outlook
The cable gravitates towards 1.5644/08 and may soon attempt to break it, being that resistance that lies overhead, namely 1.5717/91, is stronger than supports found at 1.5644/15 and 1.5573, which guard 1.5512/1.5482. Subsequently, GBP/USD is likely to push through 1.5450/19 and aim for 1.5249/33, rebound from which will mark a start of a long-term rally.
Traders' Sentiment
Stance of the market participants is unchanged since yesterday - 37% of them hold long and 63% hold short positions, being a negative outlook on the pair. Orders, however, do not reveal preference of the market, as the share of buy orders is 49% and the portion of sell orders is 51%.
© Dukascopy Bank SA