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"U.K. PMI services for June was a really weak number. There's bigger chance the BoE will do 75 billion"
- Lloyds (based on Reuters)
Pair's Outlook
GBP/USD has fallen through 1.5628/25 and stopped near 1.5583, from where it may start a short bullish correction, while the current dip is likely to extend lower afterwards. The nearest level, viewed as capable of reigniting bullish behaviour, is at 1.5536, followed by 1.5492 and 1.5395/89. From above the pair is capped by 1.5711/66, penetration of which would signify resumption of a long-term upward trend.
Traders' Sentiment
The Cable is less oversold at the moment than it was yesterday, as the share of bearish traders has decreased, however, they managed to retain their advantage by still being in majority and constituting 55% of the market. As for the orders placed on the pair, 41% of them are buy orders and 59% are sell orders.
© Dukascopy Bank SA