© Dukascopy Bank SA
"We have the slowest recovery in 100 years, one million young people looking for work...the longest fall in living standards since 1870. They used to say a rising tide lifts all boats. Now the rising tide just seems to lift the yachts."
- Britain's Labour leader (based on Reuters)
Pair's Outlook
Pair seems to be recovering after strong sell off in the end of the last week and aiming at 1.615 once again. If the pair manages to rise above this level, breaching monthly R2 on the way, it would put 1.63 on the map. In case the pair plummets and dips below 1.588, we could see it trail to 1.56 as there are no strong support levels until then (1.57 might have some psychological effects, but recently it had none).
Traders' Sentiment
Traders became noticeably more bullish on the pair. Short traders account for 69% of market participants, but although they control an overwhelming majority of the market, that still is a 5% decrease since yesterday. Distribution of pending orders skewed by 3% in favour of the bulls as well, overall gauge is at 62% now.
© Dukascopy Bank SA