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"In recent decades our infrastructure hasn't kept pace with the rest of the world. So, today we are committing 100 billion pounds for key projects stretching to 2021."
- The chief secretary to the Treasury (based on The Global Times)
Pair's Outlook
Pair spent most of the yesterday supported by the 100-day SMA around 1.53. Closer to the end of the session it dipped till 1.52 where support with the Fibo 23.6% (January to March, 2013 move) was found. AT the moment it is trading at the monthly PP. Pairs outlook remains negative (as suggested by the daily technicals). If the pair closes below the 1.52 we might see a sell off till the 1.50.
Traders' Sentiment
Bulls are strengthening their positions in the market. Their holdings increased by additional 3% (10% in total in the last few days) and at the moment they account for 58% of market participants. Distribution of pending orders became even more in favour for the bulls as well. At the moment 60% of them are sent to buy the pound against the greenback.
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