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According to formation the Sterling will decline towards the 1.50 mark, even though the pair is already hovering at the lowest levels of the year. The daily and weekly technical studies are also distinctly bearish. The next target level is located around 100-pips lower and it is the weekly S1 and daily S2 at 1.5567/60. Nonetheless, the market participants think that the lowest level of the pair has been already reached and therefore majority (56.27%) of them have opened long positions on the pair.
© Dukascopy Bank SA