Sterling staged a major recovery on the back of the Barclays earning which combined with a rally in stocks and commodities to push the pound from 1.35 to 1.40. Looking ahead for January CBI distributive traders forecast at -53 vs. -55 previously.
Technical view
GBP R1: 1.4030 S1: 1. 3750
R2: 1.4050 S2: 1. 3740
chart pattern shows a bull trend for the day. Trading range is expected between 1.3920-1.4150 levels for the day. Currency is trading above the moving average and Momentum and stochastic are seen trending up giving bullish outlook
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