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- IronFX (based on MarketWatch)
Pair's Outlook
Right now GBP/USD is facing an important challenge in the face of the resistance represented by the weekly and monthly pivot points at 1.6469/49. If the currency pair manages to pass through this zone, the rally will be then set to continue until it arrives at 1.6752/45. Previously an attempt to rise this high failed at 1.6618, therefore we should be wary of this level.
Traders' Sentiment
SWFX market participants remain undecided with respect to GBP/USD—nearly equal amounts of traders are in favour and against the rally—51% are holding long positions and 49% are holding short ones. Concerning the orders placed on the Cable, 55% of them at the moment are to sell the Sterling.
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