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- HSBC Holdings Plc (based on Bloomberg)
Pair's Outlook
It seems that pair is taking a step back after a 150 pip sell of in the last few days. However, it is rather evident that the pair is still under pressure and should resume depreciating later in the session. If pair consolidates below the weekly S2 we should perceive 20th of August peak as a top and incorporate new Fibonacci retracements (9th of July low to 20th of August move) in to the analysis.
Traders' Sentiment
Market is becoming noticeably more bullish. At the moment bulls account for 42%, in comparison to 40% yesterday, of market participant. Slight majority (51%) of pending orders is in their favour as well.
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