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"We have completed the spending round savings early and without all the arguments you normally get. his shows our determination to take the tough decisions needed to deliver our economic plan and to turn Britain around."
- Treasury (based on Reuters)
Pair's Outlook
Pair started the week slightly under the 55-day SMA. Although it had bullish bias at the beginning of the week today it seems that this level might send pair spiralling down. This scenario becomes rather plausible due to the lack of strong support levels all the way till 1.53. In case 55-day SMA will provide strong bullish impetus and send pair higher, we might see a move all the way to the 1.55.
Traders' Sentiment
We can observe a significant change in the distribution of open positions on the pair during the weekend. Amount of bears in the market decreased by 9% and at the moment they account for 53% of market participants. Distribution of pending orders remained at hold. 53% of them are to open long and 47% to open short positions.
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