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Pair's Outlook
The Cable took a pause from a strong two-day decline yesterday, stabilizing just above the 55-day SMA. Nevertheless, there is still some room for the sell-off to extend to the key support area at 1.4360/30, where the currency pair is in turn expected to turn around and begin to recover. However, if the price closes below 1.4360/30, this will mean that GBP/USD broke the neckline of the double top pattern and that the exchange rate will most likely descend down to the April's lows at 1.4150.
Traders' Sentiment
Despite Sterling's proximity to a major resistance area between 1.4750 and 1.48 dollars, the market is undecided with respect to the currency's future: 54% of traders are long and 46% are short. The same is with the orders, 49% of which are buy and 51% are sell.
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