Note: This section contains information in English only."We need to keep the sterling rebound in context. It is more of a corrective bounce than a turn in the trend. Sterling is in a corrective phase but we need to be careful about chasing it too hard in the short term."
- CIBC (based on Business Recorder)
Pair's Outlook
[ANNOUNCE]Due to the upbeat UK statement and the High Court's decision yesterday, the British Pound received a solid boost, adding more than 150 pips against the US Dollar.[/ANNOUNCE] The Cable met resistance only at 1.2472, where there weekly R3 is located and which keeps providing immediate resistance today. Consequently, a corrective decline is quite possible today, but with a rather weak US NFP reading expected, the Sterling has the potential to post more gains and easily reclaim the 1.25 major level. On the other hand, a fall back under 1.24 is possible if bears take over the market. Meanwhile, technical studies are unable to confirm either scenario.
Traders' Sentiment
There are 60% of traders with a positive outlook towards the Pound today (previously 63%). The share of sell orders slid from 58 to 56%.
Fri, 04 Nov 2016 08:09:06 GMT
Source: Dukascopy Bank SA
- CIBC (based on Business Recorder)
Pair's Outlook
[ANNOUNCE]Due to the upbeat UK statement and the High Court's decision yesterday, the British Pound received a solid boost, adding more than 150 pips against the US Dollar.[/ANNOUNCE] The Cable met resistance only at 1.2472, where there weekly R3 is located and which keeps providing immediate resistance today. Consequently, a corrective decline is quite possible today, but with a rather weak US NFP reading expected, the Sterling has the potential to post more gains and easily reclaim the 1.25 major level. On the other hand, a fall back under 1.24 is possible if bears take over the market. Meanwhile, technical studies are unable to confirm either scenario.
Traders' Sentiment
There are 60% of traders with a positive outlook towards the Pound today (previously 63%). The share of sell orders slid from 58 to 56%.