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"The fact that the BoE suggested it's not going to cut rates is supportive for the pound. That, for me, is sterling positive. Uncertainty in the euro region also helps the pound"
- Mizuho Corporate Bank Ltd. (based on Bloomberg)
Pair's Outlook
GBP/USD pair showed a strong upside impetus yesterday, as the price reversed from a 1.5879 level and without any corrections reached a 1.5965 level, where the first resistance area ends. Currently, the pair is traded around a 1.5959 level and is close to another resistance zone at 1.5880-1.6010, where historical movements formed a flat zone, which is very likely to cause problems to an upward movement and will not allow penetration of this level easily.
Traders' Sentiment
SWFX market players distribution is almost equal, as 52% traders have an opened long position and 48% have a short position. Pending orders segment shows very similar numbers and indicates that traders are slightly confused about a possible movement, since 47% placed orders are buy and 53% are sell.
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