"The biggest move for the week is sterling on Brexit worries and it will stay in the spotlight for the first half of the year leading up to the referendum."
- State Street (based on CNBC)
Pair's Outlook
The Cable's volatility was contained by the 1.39 level from the downside and the 1.40 level from the upside, as the pair reacted on fundamental data. The Sterling managed to climb over the immediate resistance, which is now providing rather strong support around 1.3930. Although we could se a rally beyond 1.4050, with the closest resistance located at 1.4091, risks of falling back and under the 1.39 mark persist. Near-term technical studies are unable to give any clear sense of direction, but the weekly and the monthly ones retain their bearish signals.
Traders' Sentiment
Today 63% of traders hold long positions (previously 65%). Meanwhile, the number of buy orders takes up 55% of the market.
- State Street (based on CNBC)
Pair's Outlook
The Cable's volatility was contained by the 1.39 level from the downside and the 1.40 level from the upside, as the pair reacted on fundamental data. The Sterling managed to climb over the immediate resistance, which is now providing rather strong support around 1.3930. Although we could se a rally beyond 1.4050, with the closest resistance located at 1.4091, risks of falling back and under the 1.39 mark persist. Near-term technical studies are unable to give any clear sense of direction, but the weekly and the monthly ones retain their bearish signals.
Traders' Sentiment
Today 63% of traders hold long positions (previously 65%). Meanwhile, the number of buy orders takes up 55% of the market.