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- EverBank World Markets (based on Reuters)
Pair's Outlook
Wednesday ended with the Pound remaining relatively unchanged against the US Dollar. The inability to close significantly lower creates a possibility for the Cable to post more gains this week if sufficient impetus is provided. The GBP/USD currency pair has the potential to climb over the 1.31 major level today, as supply there, represented by the 20-day SMA, is unlikely to prevent the exchange rate from edging higher. On the other hand, technical indicators keep giving bearish signals, suggesting that a decline back under 1.30 could take place, with the weekly PP at 1.2975 acting as the nearest support.
Traders' Sentiment
The portion of bulls slightly increased over the day, having risen from 58 to 59%. At the same time, the number of orders to sell the Sterling inched up from 46 to 61%.
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