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"Fundamental renegotiation is very, very unlikely to produce any significant change. We should stay in and improve the system."
- Business Secretary (based on Reuters)
Pair's Outlook
Pair maintains the bullishness and gained some tempo after moving along the uptrend's support (connects 9th of July and 2nd of August lows). However, weekly R1 and pressure coming from the 6 month high kept the pair at bay. This, together with the short term stochastic, suggests that pair might be capped here and we could see a slide towards 1.543. However, we cant confidently rule out the possibility of probes above 1.575.
Traders' Sentiment
Bears continue to hold tight grip on the pound as now it is the least bought, only in 25% of cases, major currency across the board. Taking in to account this, the fact that the bears hold 72% of all open positions doesn't come as a much of a surprise. Bulls, however, are starting to weigh on the pending orders as it's bearish share dropped by 8% and is at 53% gauge today.
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