- Citi (based on Business Recorder)
On Tuesday demand at the immediate support cluster triggered a buying spree of the Cable, causing the pair to recover and stabilise just above the closest . Technical indicators now shifted to the side, suggesting the momentum is to be prolonged today. The Sterling has the potential to reach the 1.46 major level and encounter resistance in face of the around 1.4618. However, risks of the GBP/USD retesting the support trend-line circa 1.4350 also persist, depending on Yellen's testimony later today.
Confidence in the Pound keeps rising, with 57% of all positions now being long, whereas the share of buy orders surged from 44 to 49%.