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- Lloyds Bank (based on FXStreet)
Pair's Outlook
A correction occurred yesterday due to deflation in the UK, taking the Cable's exchange rate significantly lower. The pair dropped as low as the 1.52 major level, but some of those losses were eventually recovered. The Sterling should rebound today, although that might not be the case, as a significant amount of economic news could turn the tables around. Yesterday's support cluster is now providing resistance, whereas the 23.60% Fibo and the weekly S1 are now forming a support around 1.5175. Technical studies are unable to confirm any scenario, while fundamentals suggest a rally.
Traders' Sentiment
Less traders remain confident in the Pound, namely 58% (previously 61%). Meanwhile, the number of buy orders slid from 57 to 35%.
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