© Dukascopy Bank SA
"The focal point for the Federal Open Market Committee meeting still remains whether 'patient' will be dropped or not, and another word might be used as a replacement."
- IG Securities (based on CNBC)
Pair's Outlook
The Sterling did not meet the expectations and climbed up instead of falling further on Monday, amid the poor US data. The Pound went over the 2013 low and tested the weekly PP, before settling at 1.4826. The daily technical indicators are showing bearish signs, suggesting downward momentum for the pair, unless the US building permits come out higher than the consensus. The closest significant support level is at 1.4760, represented by the monthly S2.
Traders' Sentiment
The SWFX traders are equally divided between the bulls and bears. The number of buy orders accounts for only 34% of the total, less than yesterday's 35%.
© Dukascopy Bank SA