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"If Fed lift-off is imminent, there is scope for short-term volatility, and this Friday's US non-farm payroll data presents some event risk, especially if it is seen to rule out (or confirm) an October hike."
- ANZ (based on WBP Online)
Pair's Outlook
The Cable's attempts to appreciate yesterday were dampened by the monthly S1 and 23.60% Fibo, while the Aug low prevented the pair from edging lower. Although the GBP/USD trades in limbo at the moment, stuck in a rather tight range, a potential market mover, namely the BoE governor's speech, could trigger a rally. Nevertheless, there is still room for a slump at least towards 1.51, where the lower Bollinger band rests, while the previously mentioned resistance keeps limiting any upside volatility; the outlook, however, remains bearish.
Traders' Sentiment
Bulls gained some numbers, as 62% of all positions are now long (previously 60%). The share of buy orders dropped from 56 to 51%.
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