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"The pound may drift a little higher, but I wouldn't want to be buying it."
- Jeremy Stretch, Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
GBP/USD continues to move north. Right now the currency pair is supported by the weekly PP and the 20-day SMA at 1.6695/91, but does not face any significant resistances. Accordingly, the chance of further Sterling's appreciation is increased. The selling will be expected to kick in closer to 1.69, when the price reaches the 12-month rising resistance line.
Traders' Sentiment
The market has become somewhat less pessimistic with respect the British Pound. The percentage of bearish towards GBP/USD traders declined from 61% down to 58%. Meanwhile, among the orders set 100 pips from the spot, there is virtually no difference between the amounts of buy (49%) and sell (51%) ones.
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