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"In an otherwise thin and lacklustre day ... that news of real progress [on ‘Brexit'] has given sterling a little fillip."
- ETX Capital (based on Reuters)
Pair's Outlook
After piercing thкough the monthly pivot point the Cable confirmed 1.4389/80 as the new support. Therefore, the chances are that for now the currency will keep appreciating against the Dollar. The closest significant resistance is at 1.4533 (weekly R1), but in case of a healthy recovery this is unlikely to stop the pair, and a rally up to 1.4681/53 remains the base scenario. Additional resistance is at 1.4763 (55-day SMA), but anything below 1.50 is bearish.
Traders' Sentiment
The current sentiment in the SWFX market is a little less bearish than yesterday—57% of positions are short instead of 61% recorded yesterday. Something similar happened to the orders—the share of sell ones dropped from 64 to 56%.
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