© Dukascopy Bank
"Markets will be looking at a raft of other Fed speeches this week for any hint of more easing, which would likely see the U.S. dollar fall to the benefit of risk currencies"
- CNBC
Industry outlook
Bullish impetus of the Cable is currently waning, since it is approaching a key resistance at 1.6062. Therefore the pair should start aiming for supports in the nearest future - 1.5845, 1.5819 and 1.5805.
Traders' sentiment
The difference between the amounts of bulls (33%) and bears (67%) on GBP/USD has narrowed, although it did not bring any considerable changes to the overall bearish traders' sentiment towards the pair.
Long position opened
The initial resistance level for intraday trading is 1.5925. Bulls might establish additional targets at 1.5958 and 1.6003 if the Sterling appreciates.
Short position opened
The immediate support line is at 1.5847. Should the price step even lower, it will encounter subsequent levels at 1.5802 and 1.5769, where recovery might start.
© Dukascopy Bank