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- Commerzbank (based on PoundSterlingLive)
Pair's Outlook
Even a strong US GDP reading was insufficient for the Buck to post gains against the British Pound yesterday, while the wedge's trend-line successfully caused the Cable to rebound. Nevertheless, the Sterling still failed to maintain trade above the 1.25 mark, as psychological resistance there remains strong. As a result, the GBP/USD pair could struggle to appreciate today, even though technical indicators keep giving distinctly bullish signs. However, the given pair is still supported by the 20-day SMA, the weekly PP and the wedge's lower trend-line, which is expected to remain intact.
Traders' Sentiment
There are 60% of traders with a positive outlook towards the Pound today, compared to 62% yesterday. At the same time, the portion of orders to sell the Cable decreased from 64 to 56%.
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