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- Commerzbank (based on Reuters)
Pair's Outlook
Just as many other currency pairs GBP/USD stays largely flat ahead of the potentially game-changing events. Right now the exchange rate is capped by the weekly PP at 1.6342/37 and underpinned by a cluster of supports at 1.6226/1.6179, which in turn includes the monthly PP and the major down-trend line among others. If the latter area is breached, then the dip may extend down to 1.6043/15 (monthly S1 and 100-day SMA).
Traders' Sentiment
The number of bullish with respect to the Sterling traders continues to grow at a fast pace. In all of the Pound's crosses, 39% of positions are long on it. The distribution between the bulls and bears in GBP/USD is 43% to 57% respectively (36% to 64% yesterday).
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