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"Amazingly, even with the evidence we now have, there are still those calling for the government to abandon its economic plan in order to spend and borrow more. But to do so would be disastrous."
- Chancellor of the Exchequer (based on Reuters)
Pair's Outlook
Pair maintains the bullishness and moves along the uptrend's support (connects 9th of July and 2nd of August lows). 1.57 in itself is a rather achievable target, however, easy consolidation above it seems very unlikely due to 2 month and 6 month highs. Dip below the uptrend support could provoke failure to 1.544.
Traders' Sentiment
British pound remains one of the least bought, straight after the Canadian Dollar, major currencies across the board. It is acquired only in 29% of cases. Similar situation is observed on the GBP/USD pair as well. The pair has been bought only in 27% of cases. That is 1% less than on Friday. Clear majority (61%) of pending orders are set in favour of the bears as well.
© Dukascopy Bank SA