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"It's a strong picture and is will make it very hard for Carney and the other eight members of the Monetary Policy Committee to justify more stimulus."
- Societe Generale (based on Reuters)
Pair's Outlook
Yesterday pair breached the 200-day SMA and at the moment is being supported by it. Pair continues to face significant pressure from 1.57 and is unlikely to advance above it. At the same time it seems rather unlikely that pair will start suddenly loosing value, again due to the 200-day SMA. Although medium to long term outlook on the pair is negative.
Traders' Sentiment
Bears took a significant chunk of the market from the bulls. Bears at the moment account for 70% (+10% since yesterday) of market participants. Bulls, however, continue holding the majority (56%) of pending orders.
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