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Pair's Outlook
Strong UK employment figures caused the Sterling to outperform the US Dollar on Wednesday, but with the pair still failing to fully negate Tuesday's losses. Today the Cable opened on top of a relatively strong support cluster, represented by the 20-day SMA and the weekly PP, which should prevent the Pound from falling down again. However, technical indicators retain bearish signals, suggesting that another decline towards the 1.31 mark is possible. On the other hand, in case bulls take over the market, gains are unlikely to exceed the 1.3350 level, despite the nearest resistance located only around 1.3540.
Traders' Sentiment
Once again 57% of traders have a positive outlook towards the Sterling (previously 56%), while the number of sell orders increased further, having risen from 61 to 69% over the day.
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