- State Street (based on CNBC)
The Cable's volatility was contained by the 1.39 level from the downside and the 1.40 level from the upside, as the pair reacted on fundamental data. The Sterling managed to climb over the immediate resistance, which is now providing rather strong support around 1.3930. Although we could se a rally beyond 1.4050, with the closest resistance located at 1.4091, risks of falling back and under the 1.39 mark persist. Near-term technical studies are unable to give any clear sense of direction, but the weekly and the monthly ones retain their bearish signals.
Today 63% of traders hold long positions (previously 65%). Meanwhile, the number of buy orders takes up 55% of the market.