© Dukascopy Bank SA
"The BOE's April meeting minutes detailed, policymakers remain cautiously optimistic about the state of the economy, leaving the door open for potential action later this year if the country can sort out its electoral woes."
- DailyFX (based on CNBC)
Pair's Outlook
The Sterling over-performed on Wednesday, as it pierced through the initial resistance. Moreover, the next one, namely the 55-day SMA, was also breached, as the GBP/USD added 106 pips, despite the strong figures from the United States. Today the technical indicators are pointing north, suggesting the bullish momentum is to persist. Immediate resistance rests at 1.5090, represented by the Bollinger band and the 100-day SMA. Meanwhile, the 55-day SMA should prevent any downside volatility during the trading hours.
Traders' Sentiment
Market sentiment remains unchanged, with 41% of traders being long the Pound. The number of buy commands, on the other hand, dropped from 51 to 42%.
© Dukascopy Bank SA