GBP/USD stays bearish

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Next week's FOMC meeting should likely provide additional [dollar] selling as the policy statement will acknowledge the short-term nature of the solution to the budget/debt ceiling impasse as well as the renewed softness in nonfarm payrolls."
- City Index Ltd. (based on MarketWatch)

Pair's Outlook

Even though GBP/USD was buoyed by strong buying pressure yesterday, the currency pair did not manage to overcome the key resistance line at 1.6228 that safeguards the January high at 1.6390. As long as these levels remain intact, the medium and long-term perspectives appear to be bearish for the Cable. Accordingly, the pair should soon re-test the support at 1.6097/84.

Traders' Sentiment
The share of bullish market participants in GBP/USD has declined even more since the previous report, meaning the bearish sentiment is strengthening. While yesterday 30% of them were long on the Sterling, today only 28% believe that the British Pound will be able to appreciate against the greenback further.
© Dukascopy Bank SA
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