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- Sony Financial Holdings (based on Business Recorder)
Pair's Outlook
Even though the Cable managed to recover on Friday from a relatively sharp decline the day before, the pair is still expected to suffer losses today. However, the monthly PP and the 55-day SMA now form support around the 1.2450 level, namely just under today's opening price, which could result in a positive outcome as well. Technical indicators somewhat support this possibility, as they are giving mixed signals in the daily timeframe. Ultimately, a drop towards the 1.24 major level is expected, unless the Sterling manages to successfully stabilise above 1.2560 during the next couple of days.
Traders' Sentiment
Market sentiment has not changed over the weekend, with 61% of traders still holding long positions. At the same time, 60% of all pending orders are to sell the Pound.
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