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- Rabobank (based on Reuters)
Pair's Outlook
A rather dovish FOMC stance and poor US fundamentals on Wednesday caused the Greenback to weaken against the British Pound, resulting in the Cable's 90-pip rally. Nevertheless, the GBP/USD currency pair still remains within its recent trading range, namely between the 1.31 and the 1.3250 levels. The upper border is also bolstered by the weekly R1, thus, we should see the Sterling edge lower again today. Technical indicators are also in favour of the bearish scenario, in which case the weekly PP and the 20-day SMA are to act as the nearest support around 1.3155.
Traders' Sentiment
For two straight weeks now market sentiment barely changes. There are currently 54% of traders being long the Pound (previously 55%), while the number of sell orders increased from 52 to 64%.
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