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"The case for UK monetary policy to tighten regardless of the (Fed's) dithering is as clear as a bell. They won't rush."
- Societe Generale (based on Business Recorder)
Pair's Outlook
The Sterling struggled to appreciate against the US Dollar for another day, retesting the 23.60% Fibonacci retracement. The pair extended its decline for the fourth consecutive day, but remained rather far from the immediate support level. As no significant area was breached yesterday, the outlook remains bearish, despite other potential market movers being present. The 23.60% Fibo keeps providing resistance, while the Bollinger band is supporting the Pound from below, now bolstered by the weekly S1.
Traders' Sentiment
Bulls retreated today, as 61% of all positions are now long (previously 63%). At the same time, the number of orders to acquire the Sterling also declined, from 58 to 55%.
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