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"Many were disappointed that the Fed remained decidedly noncommittal (in the minutes) but we think the door to a September hike remains wide open."
- Commonwealth Foreign Exchange (based on CNBC)
Pair's Outlook
Even though the Cable experienced substantial volatility to the downside, the pair managed to regain the bullish momentum after reaching the support cluster around 1.56. However, gains were limited by the upper Bollinger band, as the GBP/USD added only six pips over the day. Today the Sterling is to attempt and retake the 1.57 major level once again, but even if it succeeds, the resistance cluster at 157.19, namely the weekly R1 and the Bollinger band are likely to prevent the Pound from edging higher.
Traders' Sentiment
Bulls and bears broke out of the equilibrium, as only 47% of all positions are long today. The number of buy orders, however, gained six percentage points, now taking up 69% of the market.
© Dukascopy Bank SA