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"The kind of growth we want won't simply emerge of its own volition. In fact, I see a number of dangers. One is complacency, generated by a few quarters of good economic data. There are risks, not least the housing market getting out of control. Recovery will not be meaningful until we see strong and sustained business investment."
- Britain's Business Secretary Vince Cable (based on Reuters)
Pair's Outlook
Pair struggles with the 1.575 resistance area where we have 6 month and recent (relative) high. Probability of a failure here is rather high. In case the pair manages to consolidate above it, 1.588 would be a good interim target, 1.580 might have some psychological effects as well. Closure below 1.570 could easily pave the way to slip to 1.560.
Traders' Sentiment
Pound remains the most sold major currency across the board. There is no surprise that bears hold overwhelming majority (73%) of open positions. They are strengthening their positions in the distribution of pending orders as well. They have posted 55% of them, that is 2% more than yesterday.
© Dukascopy Bank SA