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"This may simply be a pause for breath. However ... it will be interesting to see if (consumer confidence) sentiment has run away with itself and there is a further drop next month."
- GfK (based on Reuters)
Pair's Outlook
Pair has dipped below a 2-3 month uptrend support which elevates ,the high already, downside risk of the pair further. We should start looking at October low at 1.5895. Dip below it could provoke a sell of at least till monthly S1. In order to negate this probability the pair should return in to the uptrend and, afterwards, advance above weekly PP.
Traders' Sentiment
Overall attitude towards the pound and greenback across the board remains similar to the one yesterday. As a consequence overall attitude towards the pair remains the same—66% of traders hold short positions. Bullish side of pending orders increased by 3% and is at 56% gauge.
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