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"It remains a pretty positive environment for sterling."
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
The British Pound remains sandwiched between the trend-line at 1.6813/1.6783 and the 100-day SMA at 1.6732/21, increasing the uncertainty regarding future of the currency. And while a recent break-out from the bullish channel to the downside implies an advancement en route to the 200-day SMA just above 1.65, a fair number of the longer-term indicators are presently pointing upwards.
Traders' Sentiment
The distribution between the long and short positions is the same as yesterday—41% and 59% respectively, meaning the traders are mostly sceptical regarding appreciation of the Sterling relative to the U.S. Dollar.
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