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"But that's not necessarily the right measure to look at to gauge a market's importance to the world. Here, international purchasing power matters, and that is best captured by looking at GDP in U.S. dollars."
- HSBC (based on MarketWatch)
Pair's Outlook
The GBP/USD cross has not given up its bullish intentions as it continues to challenge the upper trend-line and the weekly PP located at 1.5697. However, at the same time the pair is gradually falling lower, as it is still on a down-trend. Moreover, this years low is just around the corner, namely at 1.5586, and that could potentially slow down the decline.
Traders' Sentiment
The SWFX traders are getting less and less convinced that the Pound is going to gain relative to the U.S. Dollar; but overall the bulls are still in a slight majority, as they take up 51% of the market, and this is a advantage over the bears (49%).
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