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"Investors are struggling to have faith in sterling. Investors are seeing an economy which is possibly entering another recession and is likely to see inflation holding above target. The central bank is also wanting to see the currency lower."
- FxPro Group Ltd. (based on Bloomberg)Pair's Outlook
The price continues to exhibit indecisiveness just above the declining support line at 1.5420. Most likely the pair is to preserve the present bearish momentum and slide to 1.5264/30 along the down-trend that links the minima posted on Oct 9, Oct 23, Nov 15 last year and lately on Feb 15 this year. Technical studies, however, do not speak in favour of the bearish scenario, but are continuously giving mixed signals.
Traders' Sentiment
Day by day popularity of the Sterling is increasing, as on average it is acquired in 65% of cases, while in GBP/USD in particular the distribution between bulls and bears is 68% to 32% respectively. Sentiments are less bullish looking at the pending orders, where 56% of them are to enter long positions.
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