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"I should say that all the discussions that we're having at the moment are more about whether we should be giving forward guidance and using thresholds, whether we should be giving more stimulus, rather than discussing what the exit strategy will be."
- Monetary Policy Committee member (based on Reuters)
Pair's Outlook
Short term technicals continue to point at heightened downside risk of the pair. It becomes very realistic taking into the account that for the past 6 trading days 20-day SMA kept the pair on check and might provided enough of a bearish impetus to push the pair lower. As it does not seem that 1.504 could provide enough support for the pair in the nearest term, we should pay more attention to the 1.487 area.
Traders' Sentiment
It seems that bears are clawing their way back to take dominance in the market. Number of bulls in the market decreased by 3% and is at 57% today. Pending orders posted by the bulls decreased as well and is at 53% (-4% since yesterday) gauge.
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