After the initial bullish move generated by the worse than anticipated US Non Farm Employment numbers, the pair stopped and moved in a very narrow range until the end of the trading session, showing us the bulls are not in clear control.
Technical Outlook
We expect a slow and ranging day for the pair; another touch of 1.5600 is very possible but
we don’t anticipate any major developments. Minor resistance is represented by Friday’s high at 1.5680 but we are neutral on the pair at the moment, considering the lack of momentum experienced after the strong move to the upside.
Fundamental Outlook
The UK doesn’t release today any notable economic or financial indicators and this contributes to our expectations for a slow day.
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