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"The evidence is increasingly pointing towards a more resilient consumer, with falling unemployment and rising wages. A continuation of these themes would likely help quell fears over U.S. growth prospects."
- ANZ (based on CNBC)
Pair's Outlook
The Cable took a beating on Friday, as the exchange rate edged closer to the 1.45 psychological level, mostly due to a decline in US Unemployment Rate. The pair remains rather weak and might retreat towards the 1.44 major level in the upcoming days, demand around which is strong. However, the weekly PP at 1.4467 is the immediate support today and could contribute to a small corrective rally today, with the nearest resistance located only around 1.4615, represented by the Bollinger band.
Traders' Sentiment
Market sentiment is now equally divided between bulls and bears, whereas the portion of buy orders increased over the weekend. There are now 57% of orders to acquire the Pound (previously 52%).
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