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- MUFG (based on Business Recorder)
Pair's Outlook
At the end of the previous week the British Pound continued to weaken against the US Dollar, but with the 1.2550 level still providing sufficient support and limiting downside volatility. Since demand around that area remains strong, there is little room left for another decline, suggesting the Sterling could rebound today. Moreover, technical indicators are in favour of the positive outcome. As a result, the GBP/USD pair has a chance to reclaim the 1.26 major level, with the weekly PP at 1.2634 preventing any further bullish development. In case bears manage to push the pair below the mentioned 1.2550 mark, the wedge's trend-line at 1.2511 is expected to remain intact.
Traders' Sentiment
There are 58% of traders with a positive outlook towards the Pound today, while 60% of all pending orders are to sell it.
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