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"The UK will publish its latest BOE Minutes early on Wednesday, and expectations are that the 9 MPC voting members have preferred to remain in hold, in which case it won't have any effect on the Pound's value."
- Valeria Bednarik, FX Street (based on FX Street)
Pair's Outlook
Monday's decline was just a setback in the Pound's movement. After some volatility, the GBP/USD pair failed to meet expectations, as it slightly edged up during the day. Although the Cable reached the weekly PP at 1.4860 on Tuesday, but bounced back above 1.49. The Sterling is likely to preserve the bullish momentum today. The monthly PP provides strong resistance, as it prevented the pair from advancing through all of April. Meanwhile, technical indicators are giving bullish signals, bolstering the positive outcome.
Traders' Sentiment
Less traders have a positive outlook towards the Sterling, as only 41% of all positions are long. Meanwhile, purchase orders are now in the majority, taking up 51% of the market.
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