GBP/USD poised for more weakness

FX:GBPUSD   British Pound/U.S. Dollar
15 0 0
"Given that we've been told that the remain voters are less likely to vote and that the level of undecideds is still very significant, it's perhaps unsurprising that sterling remains very vulnerable."
- Rabobank (based on CNBC)

Pair's Outlook
The British currency experienced a rather sharp sell-off yesterday, edging below the six-week up-trend, with trade closing at 1.4162. The Sterling risks falling deeper down today, depending on the FOMC meeting results. Technically, a drop beyond the 1.41 psychological level is unlikely to occur. The weekly S1 and the Bollinger band also form a strong demand area around 1.4070, in case bears pull the exchange rate further down. According to technical indicators, the Pound has the potential to negate some of Tuesday's losses, while the resistance cluster around 1.4270 is to prevent the Cable from appreciating if the bullish momentum prevails.

Traders' Sentiment
Today 66% of all open positions are long (previously 69%), whereas the portion of buy orders increased again, namely from 53 to 62%.
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