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Pair's Outlook
Surprisingly, the Cable appreciated on Monday, even despite better-than-expected US fundamental data. The Sterling even attempted to reach the 1.56 major level, but stabilised at 1.5562, as it was pushed back by the monthly PP. Today the pair opened above a strong support cluster, represented by the 20 and 55-day SMAs and the weekly PP, which altogether should cause the British Pound to rally again. As a result, the 1.56 is likely to be reconquered, but with the weekly R1 limiting any further growth.
Traders' Sentiment
The portion of people with the positive outlook towards the Sterling remains unchanged at 51%. Meanwhile, the share of orders to acquire the British currency increased from 41 to 55%.
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