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"If we start messing about with the big goalpost which we've stuck in the ground, which frame the stability which is required for further economic growth, we will destroy jobs and decrease prosperity."
- UK's Deputy Prime Minister (based on Reuters)
Pair's Outlook
Pair remained much more bullish than anticipated and is showing the first signs of slowing down. It could still inch up to 1.60, but we would anticipate a failure there which could send the pair to 1.567. A solid close above the 1.610, however, would put 2013 high at 1.637 on the map.
Traders' Sentiment
British pound remains to be the most sold major currency across the board. As a consequence, market sentiment remains highly bearish on the pair. Bulls continue to control no less than 70% of the market for the past week or so. Pending orders plunged from 64% to 56% of being in favour of the bears since yesterday.
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