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"One of the anxieties in the business community is that the so called 'capital Taliban' in the Bank are imposing restrictions which at this delicate stage of recovery actually make it more difficult for companies to operate and expand. It is clear that the main banks are failing to support good British companies in key areas like exporting and innovation."
- UK'S Business Secretary (based on Reuters)
Pair's Outlook
Pair has got rid of a substantial share of the downside risk when it breached 1.531. At the moment, however, it seams that Fibo 61.8% (end of may to mid of June move) is keeping the pair at bay for the third day in a row. As short term Stochastic indicators predicts a turnaround in the pair's development it seems rather likely this level could cause the pair to fail.
Traders' Sentiment
Although bulls took a piece (4%) of the market back under their control majority (56%) of open positions belong to the bears. In addition, distribution of pending orders skewed in favour for the bears further—66% (+7% since yesterday) are set to go short on the pair.
© Dukascopy Bank SA