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"If they are saying [February QE is] "likely" in the minutes that pretty much means definitely. That's a pretty strong word from the MPC who would normally sit on the fence"
- Investec Bank PLC (based on Reuters)Industry outlook
In case the Cable is unable to climb over a downtrend line at 1.5680, the bias will turn bearish. The possibility of GBP/USD going down to 1.5500 en route to a long-term at 1.5270 will then increase.
Traders' sentiment
There were no alterations observed regarding the traders' sentiment on GBP/USD pair. Bulls still constitute merely 26% of the overall amount of market participants, while bears comprise the vast majority - 74%.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 1.5713, followed by R2 and R3 at 1.5770 and 1.5862, respectively.
Short position opened
Major FX traders expect the price to test the initial support level at 1.5564. The breakout of this line will pave the way for the price to test S2 at 1.5472 and S3 at 1.5415.
© Dukascopy Bank