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- Forextell (based on PoundSterlingLive)
Pair's Outlook
On Monday the GBP/USD currency pair recovered from its intraday low and edged higher, barely managing to climb over the 1.30 major level, but unable to pierce the immediate resistance in face of the weekly PP. The Cable is expected to continue making its way up ever since it put the 1.29 mark to the test, ignoring the nearest resistance, with the next target being the weekly R1 at 1.3267. Technical studies, on the other hand, suggest the Pound is to fall back down, in which case the psychological 1.29 mark is likely to provide support. Sharper losses are to be limited by the demand level at 1.2724, but a drop that low is unlikely to occur today.
Traders' Sentiment
Today 64% of traders are long the Sterling, but the portion of sell orders increased significantly, namely from 58 to 74%.
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