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- BNP Paribas (based on PoundSterlingLive)
Pair's Outlook
The Sterling experienced another leg down on Tuesday, falling under 1.31 major level. Nevertheless, technical indicators retain bullish signals today, which implies that the US jobs data today could disappoint, causing the US Dollar to weaken. As a result, the British Pound would climb back over the 1.31 mark, meeting resistance only at 1.3160, represented by the weekly and the monthly PPs. However, despite bullish studies, risks of the Cable experiencing a fifth consecutive loss exist, in which case even the 1.30 psychological level could be put to the test.
Traders' Sentiment
There are currently 52% of traders holding short positions (previously 53%). At the same time, 52% of all pending orders are to purchase the British currency, compared to 48% on Tuesday.
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