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"There isn't a strong case for a sterling short-covering rally. So no news may make for a range-bound market but any bounce in sterling/dollar is likely to be small on data-less days."
- Societe Generale (based on Reuters)
Pair's Outlook
The Cable refuses to leave the vicinity of the weekly PP, which has already been confirmed as a resistance level. And if the bulls continue to push the Pound away from 1.6550, they will encounter the monthly S2 at 1.6650 and May low at 1.67. If this is not enough to halt the advancement, there are also monthly S1 and 200-day SMA standing near 1.6750 that are highly unlikely to let the currency to appreciate any further.
Traders' Sentiment
There are no significant changes in the sentiment of the SWFX market towards GBP/USD—most (66%) of the traders are presently holding long positions. Speaking of orders, there is no difference between the buy (46%) and sell (54%) commands right now.
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