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"Sending a clear and simple statement to the public that the Bank will not tolerate house price rises above five percent would help restrict excessive price expectations across the country."
- RICS (based on Reuters)
Pair's Outlook
Pair has reached new high, but seems to be lacking conviction to advance further. This is especially troubling due to the strongly bearish sentiment in the market. However, we cannot rule out peaks above the uptrend channel. Solid close above the 1.595 would uplift most of the downside risk and put 1.60 on the map. Failure at 1.578 could provoke a sell off to 1.564.
Traders' Sentiment
Situation in the market remains rather similar to the one yesterday. 73% of traders remains bearish on the pair, that is a 2% increase since yesterday. It seems that all of this increase is coming from the triggering of pending orders since bearish side of them decreased by 3% and is at 58% gauge today.
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