© Dukascopy Bank SA
"Gas prices not green policies have been primarily pushing up energy bills. That is why it is vital we crack on with securing investment in a diverse energy mix that includes renewables and new nuclear, as well as gas."
- Britain's minister for energy and climate change (based on Reuters)
Pair's Outlook
Pair is posing for a rally, but at the moment it is testing 20-day SMA which kept it at bay for the past 4 days. In addition, short term technicals point out that the pair is still facing significant downside risk. All in all, it is likely that bearish bias, at least in the short term, will persist. Short term rallies should be capped by 1.519.
Traders' Sentiment
Bears managed to take back some of the market (4%), however, majority (60%) of open positions remain controlled by the bulls. It is likely that nulls will take one more swing to establish their presence in the market as 57% of all pending orders are long on the pair as well.
© Dukascopy Bank SA