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"While we expect the fed funds rate will be held steady in January, we continue to look for 100 basis points of rate hikes this year."
- RBC (based on PoundSterlingLive)
ofPair's Outlook
The Sterling mostly ignored positive labour market data on Wednesday, appreciating only 32 pips against the US Dollar. However, the GBP/USD currency pair remains subject to weakness and is likely to experience another decline today. The weekly S1 remains the closest support, which succeeded in preventing the Cable from dropping lower, so far. A stronger cluster rests around 1.4035, but a fall that low today is doubtful. Meanwhile, technical studies retain mixed signals, suggesting Pound could retake the 1.42 level, especially if the US fundamental data disappoints today.
Traders' Sentiment
Bulls remain strong, with 62% of all open positions being long. The number of sell orders is unchanged, taking up 68% of the market.
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