© Dukascopy Bank SA
"It will be set to encourage as many lenders as possible to participate in the scheme, while protecting the taxpayer."
- UK's Finance Ministry (based on Reuters)
Pair's Outlook
Pair breaching 1.53 lifted substantial downside pressure from it. However, the Stochastic indicator in the short term predicts a possible sell off which should find support with the mentioned 1.53. Short term gains could be prolonged up till 1.545. Then it would be just a question of breaching 200-day SMA.
Traders' Sentiment
Bears now have clear upper hand in the market. At the moment 60% (+7% since yesterday) of traders are already short on the pair and 59% (+4% since yesterday) of pending orders are set to go short on the pair as well.
© Dukascopy Bank SA