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"The pound got massacred by the data being terrible."
- CitiFX (based on Reuters)
Pair's Outlook
The risk of a sharp surge up to the region of 1.5372 has subsided, as the bearish scenario came into force, implying that the dip is likely to be extended in the long term. The first levels that are probably to fall victims to the currency pair are at 1.4938 and 1.4866/44, though we must be aware that technical indicators do not support this view and are mixed.
Traders' Sentiment
Even though the portion of long positions on the British Pound on average is one of the highest (63%), both the share of bulls and the currency itself are declining. The ratio between the bulls and bears on GBP/USD is 63% to 37% respectively. At the same time a majority of orders (63%) are to sell the Sterling.
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