‘The narrowing in the polls has clearly dented sterling’s performance and continues to weigh on the currency, and is probably likely to do so in the near term.’ – Barclays (based on Business Recorder)
Pair’s Outlook
The Cable managed to recover from its intraday low yesterday, but failed to breach the immediate resistance, which resulted in trade remaining relatively flat. The pair is likely to keep consolidating today as well, but with risks still skewed to the downside and the 1.28 major level being the main threshold. A decline towards this handle would not mean a complete breach from the broadening rising wedge pattern, as a potential recovery could still take place by the end of the week. Meanwhile, technical indicators retain mixed signals, unable to confirm the possibility of the bearish momentum prevailing today.
Traders’ Sentiment
Both traders’ sentiment and the portion of purchase orders remain unchanged since Tuesday, taking up 52% and 51% of the market, respectively.
