Yesterday’s trading session did bring any notable changes, as expected. The Sterling is continuing to fluctuate against the Dollar in a two-week long symmetrical triangle whose upper boundary simultaneously represents the slope of a larger falling wedge formation.
Theoretically, a release of information on the American consumers’ sentiment could trigger a breakout especially if data appears worse than expected. However, this event traditionally does cause high volatility, which means that the cable might stay within the pattern until the end of the day. In larger perspective, there is a need to take into account that market sentiment is rather bullish and larger part of pending orders are also set to buy.
