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– PoundSterlingLive
Pair's Outlook
Although the British Pound successfully posted some gains against the American Dollar on Thursday, risks remain skewed to the downside. The closest support, namely the monthly S1, is unlikely to keep the Cable afloat, as it gave in earlier this week, allowing the pair to cross the 1.2250 threshold. The next target is the 1.22 major level, which managed to provide sufficient psychological support for the time being, but, ultimately, the trend-line near the 1.21 mark is expected to eventually be put to the test. Technical studies are in favour of the negative outcome, suggesting the Sterling's attempts to reclaim the 1.23 mark will be in vain.
Traders' Sentiment
Traders remain bullish on the Cable, with 65% of all open positions being long. Meanwhile, 54% of all pending orders are to sell the Pound.
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