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"If the U.S. data continues to disappoint, things may look different for the dollar."
- Credit Agricole SA (based on Bloomberg)
Pair's Outlook
The GBP/USD currency pair remained relatively unchanged on Friday, with the pair edging only 5 pips higher over that day. The Cable is expected to continue climbing higher today, with the nearest resistance located only around 1.4710. However, there is insufficient impetus for a rally that high today, with price likely to close near the 1.4650 mark. Technical indicators are giving bullish signals, bolstering the possibility of the positive outcome. On the other hand, the Sterling also risks remaining below the 1.46 major level, with the closest area to limit the losses being the weekly PP at 1.4563.
Traders' Sentiment
Today 52% of all open positions are short, compared to 54% on Friday. Meanwhile, the portion of orders to sell the Pound edged lower, namely from 65 to 56%.
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