© Dukascopy Bank SA
"After the latest GDP figures there is a sense that the economy is doing worse than going sideways, it is in a proper recession which is not helping the economy"
- FXPro (based on Reuters)
Pair's Outlook
Recovery of the cable proved to be short-lived as the currency pair has slipped before reaching 1.5731/74 and is rapidly returning to an uptrend support at 1.5540/17. GBP/USD has already pierced through 1.5624/08 and 1.5589, but should be stopped by 1.5540/17. Additional supports lie at 1.5466/50 and 1.5383, though are unlikely to be tested today.
Traders' Sentiment
SWFX traders' sentiment remains unchanged since yesterday and 48% of market participants stay bullish and 52% stay bearish on the pair. The situation with orders is quite similar and does not reveal preferences of traders as well, as 54% of orders are to buy the Sterling and 47% are to sell it against the U.S. Dollar.
© Dukascopy Bank SA