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"Even if the polls break toward more clearly toward "Bremain" ahead of the 23 June referendum it's hard to see GBP forcefully unwinding its Brexit premium until the certainty of the vote is out of the way."
- Westpac Global Strategy Group (based on PoundSterlingLive)
Pair's Outlook
Last Friday that British Pound managed to rebound against the US Dollar, completely erasing the preceding day's losses. Nevertheless, the Cable remains within the borders of a falling wedge pattern, thus, more bearish momentum is likely to come. A tough resistance cluster is weighing of the GBP/USD pair today, namely the 20-day SMA and the weekly PP around 1.4215. At the same time, the wedge's upper border is located close by, in case bulls succeed in pushing the Sterling higher today. However, technical indicators are in favour of the bearish scenario, but the nearest support rests only at 1.4081 in face of the weekly S1.
Traders' Sentiment
Today 65% of all open positions are long (previously 64%), whereas the number of purchase orders declined from 54 to 45%.
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