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"From a technical point of view, and despite the rally extended, the upside is looking slightly exhausted, as in the 4 hours chart, the technical indicators lack clear directional strength, having turned modestly lower within positive territory."
- FXStreet
Pair's Outlook
On Monday the Sterling managed to prolong its bullish momentum and post rather solid gains against the US Dollar. The Cable's upside volatility was limited by the 1.47 major level yesterday, which could prevent the pair from edging higher today as well. The nearest resistance is still represented by the weekly R1 and the Bollinger band around 1.4740, while the weekly PP represents immediate support at 1.4563. According to technical indicators, the GBP/USD currency pair is to continue appreciating over the day, but poor UK data could cause the exchange rate to return towards the 1.46 mark.
Traders' Sentiment
Bears keep outnumbering the bulls by four percentage points. Meanwhile, the portion of orders to purchase the Pound increased from 44 to 51%.
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