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"Enough is enough on charges. People need to know they are getting value for money when they save into a pension and not being ripped off."
- UK's pensions minister (based on Reuters)
Pair's Outlook
Pair has fallen below the 20-day SMA. We expect some bullishness around 1.5966 and 1.895, but we expect that only the latter one could ignite a rally. Otherwise we should expect the pair to fall to 1.5728. Only return back above the 20-day SMA would negate most of this downside risk.
Traders' Sentiment
Cable is third least acquired major currency across the board today, bought only in 36% of cases. Since greenback is bought in 65% of the cases, this weighs on the market sentiment which remains moderately bearish (67%). Bearish side of pending orders, however, decreased by 9% and is at 53% level.
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