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- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
As we can see from the daily graph, GBP/USD pair faces a huge pressure from above and any price increase is quickly pushed back. Currently the price found the resistance level at 1.5995, where a historical support zone lies. A further decrease is possible and GBP/USD might reach 1.5895/60 zone, where the monthly and the weekly support levels lie. On the other hand, as indicators are mixed, and an increase in other major currency peers is more likely, situation in GBP/USD is very complicated and ambiguous.
Traders' Sentiment
Expectations for GBP/USD pair depreciation remains, as 35% traders have opened buy positions and 65% have short positions. Pending orders segment shows more balanced figures, as 47% are placed orders for a long position and 53% for a short.
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