1 Dec 2016
With last evening US pending homes sales result at 2300 SGT, and the less than expected result, the pound gain strength. It hit a high at 1.254 before retreating back to 1.251/2
The Fed will most likely to raise interest rate in December and as such we have to put in perspective that unless the UK has "something" to counter, it will be a downward trend for the pound.
UK will be announcing Manufacturing PMI at 1730 SGT, but not expecting any big changes.
On the technical side, it will be a uptrend before CCI indicates an overbought. Resistance at 1.256/7 (EMA55) and support at 1.245/6 (EMA21). Expecting the price range to be confine within these range as no dispersion likely.
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