- ING (based on Reuters)
The Sterling dropped to a fresh five-year low against the Buck on Tuesday, amid disappointment in the Manufacturing Production figures. However, the Cable managed to partially recover from the intraday losses, now facing a rather strong demand around 1.44, represented by the Monthly S2, the weekly S1 and the . This cluster is the last solid obstacle, preventing the GBP/USD from falling to 1.4230, namely the 2010 low. From the technical point of view, the Pound should end the day in the green zone, with a chance to negate Tuesday's losses completely.
market sentiment returned to last Wednesday's level of 62%, whereas the number of purchase orders remains unchanged at 43%.