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- CMC (based on Business Recorder)
Pair's Outlook
The British Pound prolonged its rally against the US Dollar on Friday, establishing a new four-week high of 1.2557. Having opened with a relatively small bearish gap today, the Cable slipped back below the 1.25 major level. This suggests that another surge could be far-fetched, even though only the Bollinger band is providing immediate resistance. On the other hand, a strong bearish development is also unlikely, as the weekly and the monthly PPs form a substantial demand area around 1.24. Furthermore, there are no fundamental events that could have a significant impact on the GBP/USD pair today, apart from the US elections. Technical indicators are also giving mixed signals today.
Traders' Sentiment
There are 63% of traders holding long positions today (previously 60%), whereas 60% of all pending orders are to sell the Sterling.
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