© Dukascopy Bank SA
"In the U.S., shale gas extraction has helped stimulate a low cost energy boom that has seen the cost of natural gas effectively drop by 50 per cent since 2007. For the UK to reap a shale gas dividend, it is clear more will need to be done to win the public debate and ensure exploration companies pursue the sizeable onshore market opportunity."
- Rigzone (based on Reuters)
Pair's Outlook
Weekly and monthly PP did not manage to provide enough support for the pair which dipped 80 pips. At the moment it is supported by the cluster of levels (55 and 100-day SMA, weekly S1 and Fibo 50% (mid of June till beginning of July move)) which is likely to support it for quite some time. However, pairs medium to long term outlook remains bearish. Pair might demonstrate short term rallies, but should not advance above 1.546.
Traders' Sentiment
Bears took back a significant chunk (6%) of the market under their control. At the moment they account for 63% or market participants. However, bulls are increasing their pressure further—they increased their share of pending orders by additional 7% since yesterday (14% in the last few days) and control 48% of them today.
© Dukascopy Bank SA