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"Confidence is moving in the right direction, but the fact remains, as a whole, Britons are still pessimistic about what's ahead."
- Nielsen UK ( based on Reuters)
Pair's Outlook
Bearish trend continued to prevail on the market for GBP/USD currency pair on Thursday, as it went further to the downside and neared a significant support line at 1.5962, represented by monthly S1 and strengthened by the Bollinger band. At the same time, if the pair decides to fall even lower, it will face both 2013 Q4 and 2014 lows, which are located less than 100 pips away from current price. If the monthly support holds bearish pressure, then we can expect the Pound to advance at least up to 20-day SMA at 1.6062.
Traders' Sentiment
Traders' perceptions of the pair's future development changed slightly to the bearish side, as 65% of them are holding long positions on the Pound, compared to 68% one day ago.
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