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- Morgan Stanley (Based on Bloomberg)
Pair's Outlook
Yesterday's GDP data of the United Kingdom pushed the price sharply up, reaching 1.6120 level, where the price was trying to approach the weekly R2 level. Generally, the price has not broken the ongoing down-trend, as price peaks do not exceed the previous ones and bottom points consecutively take place at lower levels. According to this logic, there might be a reverse of the price a descent till serious support levels will then follow, at least down to 1.5880.
Traders' Sentiment
SWFX market participants maintain bearish sentiments over GBP/USD pair, as 33% investors have a long position and 67% have a short position. Pending orders market indicates slightly more balanced situation, 45% traders are looking for a long position and 55% for a short position.
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