GBP/USD remains range bound

GBP/USD remains range bound

'Britain would have to be re-valued as a location for investment for German companies. On (Goods and services) produced for customers on the continent Britain would lose appeal.' - Gesamtmetall (based on Reuters)

Pair's Outlook

For the past 5 days pair has been trading in monthly S2 (1.587) and 1.580 boundaries. The latter seems to carry a lot psychological weight for the pair traders at the time, but is unlikely to hold on for much longer as technical indicators sends strong aggregate sell signal making 1.576/74 the are where we should focus on at the moment.

Traders' Sentiment

After a few days of neutrality bulls gained the upper hand in the market as they hold 58% of open positions. However, pending orders are perfectly equally distributed between long and short traders.