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"It would be very difficult to see London remain a financial center. If you are not participating in discussions, it's difficult to be believable."
- Swedish Finance Minister (based on Bloomberg)
Pair's Outlook
Pair has stabilized after a 100 pip dip yesterday as it received some support from Bollinger band. However, pairs downside risk remains significant as technical indicators point at depreciation of the pair and weekly pivot (S1) does not allow the pair to step up higher. In addition current strong bearish sentiment and lack of strong support levels below should be taken in to consideration as well.
Traders' Sentiment
The greenback has lost some of its charm overnight as share of bears in the market decreased by 6% and is back to the start of the week level of 60%. It is likely that such shift was caused by triggering of pending long orders as their share decreased by 5% and that constitutes to 55% of all pending orders on the pair.
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