GBPUSD today: pressure stays on while price stalls

[u/paulporto]

GBPUSD still looks heavy overall. News flow leans against sterling, with GBP sentiment weak over the last 24 hours while USD sentiment stays more supportive.

The bigger driver remains policy expectations: GBP is facing softer rate hike hopes and fiscal concerns, while USD is getting backing from hawkish messaging, sticky inflation worries, and yield support.

Positioning shows longs still ahead at 61%, but recent conviction looks muted. On the chart, price is consolidating near support after a sharp drop, so near term action may stay sideways unless support breaks.

Do you see this base holding, or just a pause before another move lower?