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"There seems little doubt that Mr. Carney and his MPC colleagues will want to ram home the message to businesses, consumers and the markets that any tightening of monetary policy is a very long way off."
- IHS Global Insight (based on Reuters)
Pair's Outlook
Pair has hovered 260 pips lower after receiving a bearish impetus from Fibo 61.8% (mid June to beginning of July move) 4 days ago. This reeks of a significant downside risk pair is facing at the moment. All in all, it seems that, despite the short term technicals, pair is likely to remain bearish and test 1.50 some time soon.
Traders' Sentiment
Bulls are strengthening their presence in the market. Bears, who accounted for 59% of market participants yesterday, hold only 51% of open positions in the market today. In addition to this, bulls posted additional 11% of pending orders (59% in total).
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