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- Vassili Serebriakov, BNP Paribas SA (based on Bloomberg)
Pair's Outlook
Even though the technical indicators are currently mixed, the British Pound is not willing to stop and is building on the progress made since the beginning of July. The closest resistance is the weekly R1 at 1.6240, but, unlike the areas 1.6313/1.6281 and 1.6456/1.6390, does not pose a real threat to the present rally. Meanwhile, 1.6098 acts as a line in the sand.
Traders' Sentiment
The distribution between the long and short positions on GBP/USD is exactly the same as yesterday, being that an overwhelming part of traders (74%) continue to see the Sterling as a bearish currency when compared to the greenback or any other major currency.
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