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- Credit Agricole SA (based on Bloomberg)
Pair's Outlook
Since the very beginning of September the Cable has been on the rise and because of its strong bullish momentum has managed to overcome a series of important resistances. Accordingly, it is likely that GBP/USD will carry on trading between the two rising trend-lines, initiation of which dates back to the start of July, when the price approached March low.
Traders' Sentiment
Today there are even more bearish positions on GBP/USD than last week, when 72% of all the traders expected the British Pound to lose value. Now 74% of them believe the pair has already topped out and is on the verge of a massive sell-off, though for now this does not seem to be the case.
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