GBP/USD awaits UK Supreme Court ruling

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The growing threat of Donald Trump's proposed fiscal stimulus failing to keep up with market expectations may ensure dollar weakness becomes a recurrent theme in the short term."
– FXTM (based on Business Recorder)


Pair's Outlook 
The Sterling overperformed on Monday, having climbed over the 1.25 handle, even piercing the second resistance cluster at 1.2515. Tuesday is rather sensitive day, as a rather important question concerning Brexit is to be dealt with. As a result, the Cable risks falling back under 1.24, with the possibility of the 1.21 mark even being reached, where the monthly S1 coincides with the weekly one. However, a positive development is also possible, with the 1.2750 level expected to be the ceiling, assuming the strong resistance around 1.2680, formed by the 23.60% Fibo, the weekly R2 and the monthly R1, is breached. Technical studies are unable to confirm either scenario. 

Traders' Sentiment 
Bulls retreated again, as 66% of traders are now long the Pound (previously 68%). The share of sell orders inched up from 52 to 54%.
© Dukascopy Bank SA

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