© Dukascopy Bank SA
"Any sterling bullishness is not coming as any great love for sterling, it's coming as the lesser of two or three evils"
- ETX (based on Reuters)
Pair's Outlook
GBP/USD appears to be willing to challenge 1.6233 once again, given that an uptrend support at 1.6100/1.6085 withstood downward push and short-term indicators point to the upside. However, the rally should be capped at 1.6300/44, even if the price does close above 1.6233, since in the long run the currency couple is deemed to be bearish.
Traders' Sentiment
The gap between the share of bulls and bears has considerably narrowed, from 48% to 34%, although there are still twice as many short positions as there are long ones. Still, the ratio of buy and sell orders is 48% to 52%, respectively, giving no additional insight into preferences of market participants.
© Dukascopy Bank SA