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"We want to create the right conditions for industry to explore and unlock that potential in a way that allows communities to share in the benefits. This new tax regime, which I want to make the most generous for shale in the world, will contribute to that."
- UK'S Chancellor (based on Reuters)
Pair's Outlook
Despite the negative aggregate outlook from the short term technicals it seems that pair is wiling to resume its recovery. However, it is facing a very strong resistance area at 1.530 which is more likely than not to fail the pair. Dips and failures should find enough support at 1.511. In case 1.530 will be breached it would lift significant downside risk from the pair and traders could start looking at 1.537.
Traders' Sentiment
Strongly bearish distribution of pending orders, which is at 61% gauge today, is taking its toll on the market participants. Amount of bulls in the market decreased by 3% since yesterday and is at 53% level today.
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