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"The inflation numbers were a little bit of a non-event, MPC minutes and retail sales will be the focus this week, and if the minutes are on the dovish side ... we could see sterling more vulnerable"
- BMO Capital Markets (based on Reuters)
Pair's Outlook
GBP/USD prepares for a correction, as the price reversed just ahead of a 16-month high at 1.6308 and continues to depreciate even further. Currently the currency pair is slowed by the 20-SMA, but today the cable opened beneath it and if the cross remains in the lower side of the Bollinger band, it is very likely to see an extension of this correction.
Traders' Sentiment
SWFX market participants slowly recover its bullish sentiments, as the share of long positions reached 28% and the portion of short positions slipped to 72%. Pending orders market is rather bearish, as 44% of orders are buy and 56% are sell.
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