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– Market Pulse (based on investing.com)
Pair's Outlook
The Pound continued to trade below the 1.23 mark against the US Dollar on Monday. Previously the currency exchange rate slightly surged during Friday's trading session. However, the surge was the result of a rebound from the combined support of the lower Bollinger band and the monthly S1, which both were located near the 1.2250 level. It is most likely that the rate will continue on its way downward, as there is active a rather strong descending channel.
Traders' Sentiment
SWFX traders have decreased their bullish outlook, as 61% of open positions were long on Monday, compared to 65% on Friday. Meanwhile, 54% of trader set up orders were to sell the Sterling.
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