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"Instead of price freezes, which will lead to unsustainable loss-making retail businesses, the Labour Party should put policy costs into general taxation, taking them off energy bills."
- SSE Energy Supply Limited (based on Reuters)
Pair's Outlook
It becomes evident that pair ahs formed a top and at the moment is trading on 23.6% Fibo (September rise). It should not send the pair higher, especially since we saw a bounce from it a few days ago. We might see an unexpected rally up to 1.615, but it seems unlikely the pair could advance above it in the short term. At the moment 1.589 is the most important interim target. If the pair closes below it we could see it trailing to 1.54 in the medium to long term.
Traders' Sentiment
Yet another pair shows no to marginal change in the market sentiment. In Cable-greenback cross 69% of traders remain short on the pair. Significant change, however, can be seen in distribution of pending orders—bullish side of them decreased by 6% and is at 66% level at the moment.
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