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- Morgan Stanley (based on Business Recorder)
Pair's Outlook
Monday ended with the Sterling managing to remain above the 1.30 level against the US Dollar, however, more bullish momentum is likely to be very limited. A strong resistance is still located just over the 1.31 major level and no significant impetus for surge beyond that area is present today. Furthermore, ahead of the FOMC meeting on Wednesday no substantial movements are expected, with technical studies bolstering this view. Another relatively small rally is possible, with the 1.31 mark being the ceiling. In case the tide turns, the key support at 1.2885 is to remain out of reach.
Traders' Sentiment
Market sentiment remains unchanged, with 56% of all open positions being long. The portion of orders to sell the British Pound, on the other hand, increased from 52 to 61%.
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