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"Cable got hurt by the Spanish downgrade and of course you have the Greek elections coming up. For now, it is very much a ranged trading for cable between $1.5250 and $1.5600"
- Lloyds TSB (based on Reuters)
Pair's Outlook
The second attempt to conquer 1.5538 was successful for GBP/USD. At the moment the currency couple is approaching 1.5564, which is not expected to provide sufficient resistance to halt the price from advancing further. Accordingly, we may soon observe attainment of areas situated at 1.5649/67 and 1.5764/73. An initial support, on the other hand, may be found at 1.5538, followed by 1.5485 and 1.5370.
Traders' Sentiment
The ratio of bullish to bearish on GBP/USD market participants in SWFX marketplace is 64% to 36%, implying increasing conviction of most of the traders in further appreciation of the British Pound relative to the U.S. Dollar. Although at the same time most of orders placed on the pair are sell orders that constitute 55% of the overall amount.
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