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- Brian Tomlinson Allianz senior fixed-income portfolio manager (based on Reuters)
Pair's Outlook
Monday ended with the British currency falling against the US Dollar, crossing the 1.24 level. Technical studies are now giving bearish signals, suggesting that another decline is due. The nearest level to limit the losses is located only at 1.2254, represented by the monthly S3, but the 1.23 major level should also be considered as a potential psychological support. A failure to rebound after reaching the monthly S3 is likely to set the Cable on the bearish path until Friday's sudden plunge is reached, namely the 1.1950 mark.
Traders' Sentiment
Bulls keep taking up 61% of the market today, while the share of sell orders also remains mostly unchanged, as there are now 63% of them , compared to 65% on Monday.
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