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"I still think it is likely that conditions will be appropriate to begin monetary policy normalization [in the US] later this year."
- William Dudley, New York Fed President (based on WBP Online)
Pair's Outlook
Last Friday, the Pound suffered serious losses, as it fell not just through the immediate support, but also the 1.53 psychological level. Moreover, during the session Sterling even declined beyond the 1.52 area, where weekly S1 and 100-day SMA pushed the Cable back to 1.5265. The negative bias is likely to persist today as well, whereas technical indicators retain bearish signals. From below the 55-day SMA now provides support at 1.5237 and should limit any losses, while the weekly PP should limit any gains if such occur.
Traders' Sentiment
For the second time in a row bullish market sentiment remains unchanged at 59%. The number of buy orders, however, edged up from 47 to 48%.
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