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"Morgan Stanley said the pound had joined the euro at the top of its preferred currency selling list"
- Reuters
Pair's Outlook
GBP/USD is humbly advancing towards 1.5718, which in turn is reinforced by 1.5790/1.5807, capping the Cable from above. Following a precipitous fall of the pair during a whole month, it may consolidate ahead of a support at 1.5616/1.5589, but nonetheless the overall outlook is presently negative, and will remain such until a long term target at 1.5253 is attained.
Traders' Sentiment
Traders' sentiment is mixed on GBP/USD, given that bulls and bears constitute nearly equal shares of the market, being 47% and 53%, respectively. At the same time within 200 pips from the current price, 40% of orders placed are to enter the market with a buy trade and 60% are to enter it with a sell trade, implying that the portion of bears might increase in near future.
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