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"I don't think in the current environment a house price bubble is going to emerge in 18 months or three years."
- UK's Chancellor (based on Reuters)
Pair's Outlook
Pair is undergoing bearish correction which was mainly caused by the impetus coming from the Fibo 23.6% (January to march, 2013, sell off). Although pair continues to demonstrate significant strength (correction is much smaller than one could anticipate), dues to the strength of the short term technicals we could expect the pair to hover lower. Possible short term rallies should be capped by the 1.529.
Traders' Sentiment
Although market is becoming more and more bullish, bears continue to hold the majority (59%) of all open positions in the market. It seems that this change is coming from the triggering of pending orders as bears are responsible for 51% of them now; 2% less than yesterday.
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