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- Morgan Stanley (Reuters)
Industry outlook
Since the Cable has already pierced through 1.5893 (200 day ma), it may extend its losses to 1.5802. In case the latter level is breached, the pair should target 1.5751 next. Resistances situated at 1.5893 and 1.6000 should contain intraday rallies.
Traders' sentiment
The gap between longs and shorts has narrowed. However, the sentiment was not altered to a large extent, as bears continue to dominate the market with 73%, while bulls constitute 27% of the total amount of positions.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 1.5924. The breakout of this level will pave a way for a bullish run up to 1.6016 and then to 1.6067.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5781, 1.5730 and 1.5638.
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