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"We expect the pound to come under pressure as there are plenty of expectations that the BoE could do more asset purchases next month"
- Alpari (based on Reuters)
Pair's Outlook
A rebound from 1.6101/1.6085 was slightly stronger than anticipated, but is likely be curbed by 1.6190/1.6228. Even if the latter area does not withstand bullish pressure, 1.6279/1.6344 should come into play and negate current upward impetus and contain the rally. In the long run, the pair is still expected to aim for 1.5601/1.5568.
Traders' Sentiment
The share of bulls on GBP/USD has once again fallen, this time down to 27%, meaning that market participants are becoming increasingly bearish with respect to the Sterling. Therefore bearish traders expand their dominance in the market, constituting 73% of the total amount.
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