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"Sterling specifically has some issues which really come down to little more than the fact that the date when the BoE is likely to hike rates just keeps being pushed further and further back."
- Bank of New York Mellon (based on Reuters)
Pair's Outlook
Given the density of supply around 1.6050, the bias is to the downside. Apart from the multi-month down-trend, this resistance is created by the monthly pivot point and several other studies. Nevertheless, the bearish momentum may find it difficult to push the Sterling below the support at 1.5850, where the 2013 Q4 low merges with this year's trough and monthly S1. Accordingly, we can expect GBP/USD to remain range-bound in the coming days.
Traders' Sentiment
The SWFX market preserves a positive attitude with respect to the British Pound—as many as 65% of open positions are long. As for the orders, there is no real difference between the buy (47%) and sell (53%) ones.
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