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"The main cause of the improvement in the economic growth outlook is a rise in the prospects for consumer spending growth. While consumer spending growth is a necessary component ... a balanced recovery will require a significant contribution from net trade and gross fixed capital formation. We see relatively little sign of this."
- NIESR (based on Reuters)
Pair's Outlook
Pair has been depreciating since Monday, but is showing initial signs of a short term recovery. At the moment it is trading at weekly S3 and is aiming to return above the monthly PP. In the medium and long term the outlook remains bearish and 1.50 should be tested some time soon.
Traders' Sentiment
Pair is changing hands rapidly at the moment. 60% of all market participants today are bulls, whereas yesterday bears were in dominant position holding 59% of all open positions. However, majority if not all of this comes from triggering of pending orders as bullish side of them decreased by 21% and is at 38% gauge.
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