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"The minutes didn't give the market any clarity on when liftoff would occur and markets were hoping for more guidance."
- Myles Clouston, Nasdaq director (based on WBP Online)
Pair's Outlook
The Sterling appreciated against the US Dollar for the third consecutive day yesterday, while testing both the immediate support and the second closest resistance. The rally was not as strong as expected, but the Pound has a chance of reaching the 1.54 major level today. An obstacle, however, lies on the Cable's path in face of the weekly R3 at 1.5379, which could hold the gains. The GBP/USD is now supported by a tough cluster around 1.53, limiting any possible dips. Meanwhile, technical studies also suggest the pair is stuck between 1.53 and 1.54.
Traders' Sentiment
The percentage of bulls dropped to the lowest (57%) in October, while the share of buy commands also worsened, from 54 to 49%.
© Dukascopy Bank SA