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"Will (QE) be a sterling weakener? On the margins probably more than likely, but overall the toxic legacy from Europe is going to be first and foremost on investors' minds"
- CMC Markets (based on Reuters)
Pair's Outlook
GBP/USD stalled just below a tough resistance situated at 1.5759/63, but is nevertheless viewed as capable of breaching it in near future, given the overall bullish outlook until the Cable reaches a major downtrend resistance at 1.6158/77 in a few months' time. An interim support area spreads from 1.5667 to 1.5624, followed by supports at 1.5530/28 and at 1.5348.
Traders' Sentiment
In aggregate, SWFX marketplace participants are neutral towards GBP/USD, as the shares of long and short positions opened on the currency pair are nearly equal, being 51% and 49% of the market, accordingly. The situation with orders placed on the Cable is similar, since buy orders constitute 48% and sell orders 52% of the overall amount of commands.
© Dukascopy Bank SA