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"Cable has been fairly well bid in the past few sessions and we expect that trend to continue, primarily because of the dollar's weakness. We see it rising to $1.63 in the near term"
- FXPro (based on Reuters)
Pair's Outlook
Even though the cable did not follow the path of EUR/USD and did not decline, pace of its advancement has slowed down notably ahead of 1.6300/31, which in turn guards 1.6400/70—a wide but nonetheless dense resistance area. In this respect continuation of the current rally above the zone seems to be unlikely, being that the idea of further advancement is not supported by technical indicators as well.
Traders' Sentiment
The gap between long and short positions has decreased by only a small fraction and the general bearish sentiment of the market participants towards GBP/USD largely did not change, since the ratio between bulls and bears is 30% to 70% at the moment, respectively.
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