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The cable is trying to reach the 1.47 mark, the level which was previously ticked in the previous year. The overall trend is bullish, as the Sterling has been climbing higher versus the greenback since beginning of April. Therefore, the re-test of 1.47 is only a matter of time. On Tuesday, April 26, the Pound received a strong bullish bias from the US macro calendar which unveiled mostly weaker-than-anticipated figures during the eventful morning. The US durable goods orders grew much less than forecasted, reaching 0.8% in March while the core gauge slipped 0.2%, also falling below forecast. Moreover, the sterling was supported by US President Barack Obama clear comments regarding Britain's membership on the European Union, announced to the UK public. Eventually on Friday, the pair rose since the dollar fell to fresh nine-month lows due to the downbeat US consumer sentiment data.
While technicals are pointing at further appreciation, even in a longer term, fundamentals are sending mixed signals. The pair will be highly volatile on Thursday and Friday, since nonfarm payrolls and unemployment rate will be released. Dukascopy Community members, however, have mostly bearish perspective while the consensus forecast stands for 1.44-mark, still above last week's average price of 1.42. Furthermore, equal number of respondents are having bullish and bearish views on the pair. "The GBP remains under some uncertainty without a resolution to Brexit. As the pair approaches previous highs, we can see sellers coming in to push the pair back into a range that has developed over the April." said Jignesh.
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