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"Against the dollar, sterling will struggle, not least as speculative positions are now so long and the BoE signalled in its Inflation Report that the bias to ease policy remains intact"
- JPMorgan (based on Reuters)
Pair's Outlook
Following increased volatility of GBP/USD, the pair is presently taking a brief respite before resuming its bearish advancement. Therefore the outlook for today is neutral, since the price should be contained by an interim resistance situated at 1.5718 and an initial support at 1.5616/1.5589. However, we cannot rule out more extensive movements of the Cable, given that there are no major levels nearby.
Traders' Sentiment
SWFX marketplace participants' sentiment is neutral towards GBP/USD, as the shares of long and short positions are equal at the moment, both being 50% of the market. However, the situation with the orders placed on the pair is slightly different, since buy orders constitute 44%, while sell orders 56% of the total amount of commands placed on the currency couple.
© Dukascopy Bank SA