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"After the FOMC... a lot of investors have just sort of closed shop for the year or dialed down their trading activity."
- BAML (based on Business Recorder)
Pair's Outlook
Even though the Cable failed to rebound on Friday, losses were still limited by the pattern's support line. The pair opened above the 1.49 major level again and should experienced a correction after experiencing a whole week of losses. The immediate resistance is now represented by the weekly PP at 1.4998, but Friday's situation could also repeat itself, causing the GBP/USD to drop to 1.4889, namely the down-trend. The pattern's lower border is bolstered by the Bollinger band and monthly S1, which are to contribute to the pattern's preservation.
Traders' Sentiment
Traders' sentiment remains bullish at 64% (previously 65%), whereas sell orders outnumber the buy ones by only 2% points.
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