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"Keep in mind these minutes reflect the committee's view of a few weeks ago and the Greece situation has only worsened since then. On top of that, external spillover risks from elsewhere -China - have crept up in a significant way as well since then."
- RBC Capital Markets (based on CNBC)
Pair's Outlook
On Wednesday, the Cable fell for the second day in a row, but was unable to reach the 1.53 area. Weekly S2 was capable of providing support to close the trade, even though volatility extended towards the 200-day SMA. Technical studies remain mixed, but the Sterling is still expected to regain some ground today. The nearest significant resistance rests at 1.5456, namely the weekly S1, whereas the 55-day SMA, along with the resistance trend-line, are to limit any substantial gains around the 1.55 psychological mark.
Traders' Sentiment
Market sentiment weakened again, as only 56% of traders now hold long positions (previously 57%). The share of orders to acquire the Pound inched up from, 37 top 39%.
© Dukascopy Bank SA