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"Economic reports out of the U.K., especially the GDP data, have not looked very encouraging. The pound is likely to remain under pressure."
- UniCredit Global Research (based on Bloomberg)
Pair's Outlook
GBP/USD does not seize to exert considerable pressure on a combination of an already former support at 1.5756/59 and a current one at 1.5715, despite the demand zone the pair is currently facing. As we have noted earlier, the latter level is a rising trend-line that connects minima since the very beginning of 2009, and its proximity substantially reduces the risk of the price going below it. Consequently, we anticipate emergence of a rally.
Traders' Sentiment
Even more traders (72%) are now expecting a surge of the cable, as the Sterling is currently one of the most popular currencies, being acquired in 61% of cases on average. As for the orders, 43% of them are buy and 57% are sell, giving no particular insight into the preferences of traders.
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