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A slight majority of Dukascopy Community members are bullish on the pair, with 56.2% of votes speaking in favour of pair's appreciation. The pair is likely to reach 1.6877 by this Friday, still lower than the last week's average price of 1.6922. Interesting, that respondents are usually most successful in predicting the performance of GPB/USD, as 43.75% of votes were correct last week. More than 64% of all opened positions are short, while a slight majority of all pending orders are placed to sell the Sterling versus the buck. Aggregate technical indicators are bullish as well, supporting the scenario claimed by the Community members.
Everything will depend on this week's Inflation Report from the Bank of England on Wednesday, as it will be a perfect time to provide hints about the date of the first rate hike. Furthermore, unemployment figures from the U.K. are likely to surprise markets to the upside. In the meantime, traders believe consumer sentiment and inflation report from the U.S. will push the Dollar higher. The overall outlook is bullish, and a move to 1.6877 can be expected, with events from the U.K. providing additional support for the pair. Meanwhile, everything will depend on statistics from the United States.
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