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"Cable is still vulnerable to the downside and could fall to $1.59 within the next week or two"
- FXPro (based on Reuters)
Pair's Outlook
The cable has left the vicinity of 1.6233, implying that is it ready to renounce its bullish claims to the downtrend resistance line and a subsequent level at 1.6286/1.6308. Once the price steps below 1.6100/1.6078, there should be no significant obstacles until the 55 day SMA, currently at 1.5915, while a long-term aim lies at 1.5601/1.5558.
Traders' Sentiment
GBP/USD is dominated by bears, who take up 67% of the total amount of positions opened, whereas the share of bulls is only 33%, meaning that the majority anticipate the Sterling to fall in value. The negative bias is also reinforced by the ratio between buy and sell orders—40% to 60%, respectively.
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