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- Westpac (based on Reuters)
Pair's Outlook
The Cable failed to remain above the 1.27 level yesterday, having slumped to 1.26, finding support only at the monthly S2. Nevertheless, early during the Asian today all supports crumbled, causing the Pound to drop to 1.1950 dollars. The sell-off was triggered by growing fears that ‘Brexit' will have a much harder impact on the UK's economy than first anticipated. Eventually the pair managed to climb back above 1.24, but it is uncertain now whether the monthly S3 will hold through the day. Today's US NFP data could help the Pound even reclaim 1.25 if the British currency refrains from falling deeper down until then.
Traders' Sentiment
There are 62% of traders with a positive outlook towards the Sterling, compared to 65% yesterday. Meanwhile, the share of buy orders edged down from 52 to 44% over the past 24 hours.
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