© Dukascopy Bank SA
- Altana (based on Reuters)
Pair's Outlook
Yesterday's UK construction PMI was enough of a catalyst to push the Cable out of the triangle. As a result of a positive surprise, the rate has already touched upon the first bullish target at 1.3350, represented by July 13 close and weekly R1. If today's UK data is also strong and the US releases remain neutral, the price will have a good chance of revisiting July highs at 1.3480. Still, considering releases that are to come tomorrow, we could observe a lull today, despite the usually influential numbers that are to be published this Wednesday.
Traders' Sentiment
There is virtually no difference between the number of bulls and bears, both camps hold exactly a half of the market. Similarly, the gap between the buy and sell orders is also small—eight percentage points in favour of the latter.
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