- Bank of Tokyo-Mitsubishi (based on Bloomberg)
The British currency failed to post significant gains on Monday, as supply at 1.4567 was solid, allowing the Cable to surge only 14 pips. The same resistance, namely the monthly S1, keeps weighing on the pair today, whereas the major level of 1.45 and the are providing immediate support. A stronger cluster is located around the 1.44 mark, but technical studies retain mixed signals, implying trade might remain relatively flat. On the other hand, fundamentals could provide a boost and help the Sterling recover some of the previous losses, ignoring even the second resistance.
Bulls once again take up 64% of the market, compared to 65% on Monday. The share of sell orders added 1% point, climbing to 57%.