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"UK fundamentals are also looking slightly better, compared to what we have in the euro zone and we expect sterling to rise to $1.60 and perhaps $1.62 in the near term"
- RWC Capital (based on Reuters)
Pair's Outlook
Weekly pivot point prevented further loss of value by the British Pound and aided the pair in recovering. Nonetheless, resistance at 1.5922/48 has once again halted the rally, implying that GBP/USD will continue gravitating towards 1.5806/1.5755, although the outlook will not be changed to negative unless the area at 1.5806/1.5755 is breached.
Traders' Sentiment
Merely 26% of SWFX marketplace traders deem the Sterling bullish, as an absolute majority of positions opened on the cable are short—74%. Bearish sentiment exhibited by orders is not as distinct, as 43% of orders are to buy the GBP and 57% are to sell it against the USD.
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