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"GBP is likely consolidating its recent strong gains from late last week but as long 1.4775 is intact, the bias is for a more definitive test of the 1.5010 resistance."
- UOB Group (based on FX Street)
Pair's Outlook
Even though GBP/USD remained well within predicted boundaries, US Dollar still put weight on the pair. Pound's attempt to appreciate were in vain, and the 1.49 barrier was pierced to the downside once more. However, weekly PP along with 20-day SMA, stopped British currency from declining too much. Technical studies suggest a hike in the Sterling's value, but the daily bias remains bearish. From the downside, the Cable is still strongly supported by weekly PP and 20-day SMA, while time to overcome the 1.50 obstacle is yet to come.
Traders' Sentiment
Fewer traders are now long the Pound, only 46%, but the distribution between the buy and sell orders has reached a perfect equilibrium today.
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