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"The Pound remains unattractive due to upcoming May elections, as market speculates there won't be a clear winner and there are chances of a hung Parliament."
- Valeria Bednarik, FXStreet (based on FXStreet)
Pair's Outlook
The support cluster around 1.4866 failed to stop GBP/USD from declining on Tuesday. As a result, the Sterling tested the 1.48 level, which, along with the weekly S1, prevented a harder fall. Today the barrier might be breached, although a slump further than 1.4750 is unlikely. This important level has stopped the Sterling from retreating in the past three weeks, and it is also backed up by the Bollinger band. Moreover, the technical studies are bolstering the bearish bias for the current pair.
Traders' Sentiment
The gap between the long and short positions widened. Right now 42% of traders have a positive outlook towards the Pound, and the remaining 58% are short the Sterling.
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