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"Whilst previous dissenting votes have not been a good indicator of a change in policy, and there have been plenty of false starts to the rate hiking cycle in the UK; this time it is a little different, with wage growth climbing for the first time and the unemployment rate down at 5.6%."
- UOB Group (based on FXStreet)
Pair's Outlook
The Sterling failed to remain flat against the US currency, as it tested the strong support around 1.5570. Nevertheless, the trend-line pushed the Cable back up to 1.5589, where it stabilised. Consequently, the British Pound is expected to regain the bullish momentum today and pierce the immediate resistance in face of the weekly PP. Technical studies, on the other hand, retain their mixed signals, creating a possibility of a slump, especially if the UK fundamentals disappoint today.
Traders' Sentiment
Traders, on the other hand, have a positive outlook towards the Pound today, as 68% of all positions are long (previously 50%). The number of buy commands returned to its Friday's level of 54%.
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