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"We expect sterling to remain under pressure at least until the political fog lifts."
- ANZ (based on CNBC)
Pair's Outlook
The Sterling failed to meet expectations, as it suffered heavy losses on Friday, amid weak fundamentals. The initial support at 1.53 was pierced, and the Cable even fell deeper down under 1.52. Ultimately, the Cable stabilised at 1.5134, just under monthly PP. Further weakness of the Pound is anticipated today. Several support levels lie on the way, but a slump beyond 1.50 psychological level is unlikely, as it is bolstered by the weekly S1. Meanwhile, technical studies are suggesting a surge, as they are distinctly bullish today.
Traders' Sentiment
Market sentiment remained unchanged, with the share of longs still accounting for 40% of the market. The number of buy orders is now the in the majority, as 51% of them are to acquire the Pound.
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