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As expected, Rishi Sunak has become the new prime minister of the United Kingdom. At present, the economic issue is the key problem in the UK. That is why the former finance minister seems to be the most suitable and competent person capable of coping with the crisis. However, the news has not affected the market yet. Investors are waiting for Rishi Sunak's speech which will take place after his meeting with the king and an inauguration ceremony.
It is quite possible that the newly-elected prime minister will disclose the ways of solving the economic issues. This will determine traders' sentiment. Otherwise, the market will remain stagnant. Notably, this scenario is highly expected. The new prime minister has to form a new government. That is why he is likely to make announcements on the issue closer to the end of the week.
The pound/dollar pair once again bounced off the resistance area of 1.1410/1.1525. As a result, it dropped below 1.1270. Judging by the situation, speculators are still influencing the market. This could be proved by the daily volatility and the recent price gap.
Ignoring the bounce, the RSI technical indicator continued moving to the upper area of 50/70 on the four-hour chart. This points to the bullish sentiment among traders.
In the same period, the Alligator's MAs have numerous intersections. There is no clear signal of the price direction.
Outlook
Under the current conditions, the gap is acting as a support area where the price stagnated. To boost the volume of short positions, which will encourage sellers, the quote should settle below 1.1230 on the four-hour chart.
The upward movement is capped by the resistance area of 1.1410/1.1525. If the price consolidates above 1.1410 on the four-hour chart, the pound sterling may climb to the upper limit of the area located at 1.1525. The price may also break this level.
In terms of the complex indicator analysis, we see that in the short-term and intraday periods, the indicator is signaling sell opportunities amid the price rebound from the resistance area.
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