GBP/USD approaches 1.5540/08

GBP/USD approaches 1.5540/08

'In the short term, investors are more comfortable in driving it [GBP/USD] lower towards $1.5210.' - Alpari (based on Reuters)

Pair's Outlook

Sharp advancement of the Cable from 1.5233 has been decelerating lately, since the price is approaching the upper boundary of the channel up, the likely point of contact with which will be at 1.5540/08. Accordingly, within this zone the currency pair will be under the increased risk of initiating a decline. This is the scenario suggested by the weekly technical indicators, whereas on different time-frames the signals are mixed.

Traders' Sentiment

Neutrality of SWFX marketplace traders’ sentiment towards GBP/USD has not been altered at all since Friday, being that the portion of long and short positions is still 50% of each. At the same time the percentage of buy orders stays at 45%, meaning that the sell orders are in a majority.