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"Some of the pessimism toward the U.K. economy at the end of last year seemed to have eased as recent data suggested the recovery here is solid. The pound should remain supported, especially against the euro."
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
GBP/USD failed to sustain a rally beyond the multi-month up-trend, erasing most of its Thursday's gains on Feb 6. The immediate support is now at 1.52, formed by the weekly and monthly PPs, but at the same time the upside should be limited by the resistance at 1.53. Additional selling pressure may push the price down to 1.5140, and the next significant support will be only around 1.50 (late January lows).
Traders' Sentiment
The difference between the amounts of bulls (53%) and bears (47%) remains minimal, meaning the sentiment is still neutral. However, the difference between the buy and sell orders went up from 16 to 22 percentage points.
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