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– RBC Capital Markets (based on Business Recorder)
Pair's Outlook
As was anticipated, the Cable experienced another leg down on Tuesday, with the 1.22 mark limiting the volatility. Technically, the Sterling should now undergo a bullish correction, despite having two resistances on its path: the weekly S1 at 1.2240 and the weekly PP at 1.2314. Another sign of possible negative outcome are the technical indicators, which now suggest another decline is due. Nevertheless, fundamentals could provide a sufficient boost for the Pound today, with a rally seen as far as the 1.2350 mark. However, there are doubts a close above the 1.23 level is possible and the weekly PP getting pierced.
Traders' Sentiment
Market sentiment remains bullish at 64% today. At the same time, the portion of buy orders increased significantly, namely from 42 to 62%.
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