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- Rabobank (based on Business Recorder)
Pair's Outlook
At the end of the previous week the Sterling managed to post mild gains against the US Dollar, but was unable to reclaim the 1.22 major level. The Cable is likely to struggle to overcome this area today as well, despite being supported by the weekly pivot point just under the opening price. At the same time, a relatively strong resistance area rests around 1.2280, which is likely to limit any possible gains today. Moreover, the pair struggled to breach the 1.2250 area through all of the previous week, as well was reluctant to maintain trade below the 1.2150 mark for more than two weeks. With technical indicators retaining mixed signals, the Pound is to remain relatively flat circa 1.22.
Traders' Sentiment
There are still 69% of traders being long the Sterling, whereas 61% of all pending orders are to sell the British currency (previously 65%).
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