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- Asset Management (based on Reuters)
Pair's Outlook
Despite the resistances that lay overhead, the Cable has managed to climb all the way up to the monthly pivot point at 1.6066. This means the possibility of the Sterling appreciating up to 1.6237 has increased. Still, the major falling resistance line that has remained intact since 2009 should be able to stop the rate there, as it has already done twice in October.
Traders' Sentiment
The U.S. Dollar is currently one of the most preferred currencies in the SWFX market, on average being acquired in 55 cases out of 100. Accordingly, the bears remain in a majority on GBP/USD by taking up 60% of the market. Meanwhile, the portion of the buy orders surged from 42% up to 54%.
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