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"If the services PMI gets above 53.3 -- the high from May -- it could send us flying above $1.5912 and open the door to $1.60"
- Forex.com (based on Reuters)
Pair's Outlook
GBP/USD did not yet fully give in to bears and step by step inches higher. Presently the currency pair is moving towards 1.5922/34, breach of which would pave the way to 1.6063/93, though resistances at 1.5979 and 1.6021 will have to be overcome first. Nevertheless, most of weekly and monthly technical studies are bearish, suggesting that supports at 1.5837 and 1.5784/55 might soon come into play.
Traders' Sentiment
Traders' sentiment towards GBP/USD is becoming increasingly bearish, as the share of bulls has fallen down to 30%, while bears continue to expand their dominance and constitute 70% of the market at the moment. Sell orders (52%) also outnumber buy orders (48%), though to a significantly lesser extent.
© Dukascopy Bank SA