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"We believe the UK economy will show gradual improvement going forward and the market will recognise the UK is in a much better situation than the euro zone"
- Barclays Capital (based on Reuters)
Industry outlook
The Cable is approaching a tough resistance level at 1.6167 and seems to be losing bullish momentum, which is likely to result in a decline. The first support is located at 1.5984, lower levels may be found at 1.5874 and 1.5843.
Traders' sentiment
Traders' sentiment on GBP/USD did not experience any alterations since the last report. The ratio of bulls to bears is presently 29% to 71%.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 1.6151 and 1.6172. The weakest level is at 1.6209.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.6093, 1.6056 and 1.6035.
© Dukascopy Bank