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"A brightening economic and financial outlook, alongside some signs of improved access to household credit, looks to have spurred consumer spending again in August."
- Markit (based on Reuters)
Pair's Outlook
Pair's advances in the recent weeks and technical indicators suggest that we should see some sort of bearish action in the nearest future. There seems to be few reasons for that—the pair faces resistance from the 6 month high and uptrend resistance. Only a solid close above the 1.575 would uplift most of the downside risk. A dip below 1.555 would intensify this pressure and we could see the pair trailing towards 1.52.
Traders' Sentiment
Market participants are becoming mildly more bullish on the pair. Share of the bears in the market decreased by 2% and is at 70% gauge today. Share of pending bearish orders decreased by 3% during the weekend and is at 63% level.
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