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- CIBC (based on Business Recorder)
Pair's Outlook
Due to the upbeat UK statement and the High Court's decision yesterday, the British Pound received a solid boost, adding more than 150 pips against the US Dollar. The Cable met resistance only at 1.2472, where there weekly R3 is located and which keeps providing immediate resistance today. Consequently, a corrective decline is quite possible today, but with a rather weak US NFP reading expected, the Sterling has the potential to post more gains and easily reclaim the 1.25 major level. On the other hand, a fall back under 1.24 is possible if bears take over the market. Meanwhile, technical studies are unable to confirm either scenario.
Traders' Sentiment
There are 60% of traders with a positive outlook towards the Pound today (previously 63%). The share of sell orders slid from 58 to 56%.
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