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- Forextell (based on PoundSterlingLive)
Pair's Outlook
The Sterling almost fully erased previous week's losses yesterday, but the second resistance level, namely the weekly R1, limited the gains. Today the weekly R1 acts as the immediate resistance, which could reverse the bullish momentum, causing the British Pound to return to the weekly PP at 1.3033, as technical indicators in the daily and the weekly timeframes suggest. On the other hand, we could see another rally take place ahead of the BoE's interest rate decision tomorrow, when the Cable is expected to weaken substantially. Further gains are unlikely to exceed the 1.3430 area, despite the second nearest resistance located around the 1.36 mark.
Traders' Sentiment
There are 60% of traders with a positive outlook towards the Cable today, while the share of sell orders remains unchanged at 74%.
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