Sterling Outlook Improved

Sterling gained ground against the US dollar today and was supported at the 1.7405 level due to a much improved economy outlook.

Sterling held steady on Monday after the previous week's losses, supported by news of a strong rise in British house prices and on upbeat comments on the economy from Bank of England policymaker Kate Barker.

Wednesday's MPC minutes could prove more upbeat than some expect, potentially helping sterling put in a better performance this week.

[Read Reuters]

My thoughts: The improved outlook was indeed confirmed by the H4 chart with current support line at 1.7395 level. I am looking to long sterling again around the support level.