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- JPMorgan Chase Bank (based on CNBC)
Pair's Outlook
Although GBP/USD hesitated at first, in the end it broke a tough resistance area near 1.63. This allowed the currency pair to challenge another important supply level at 1.6450 created by the down-trend line, which has been keeping the medium-term bearish outlook intact for the past three months. If it fails to stop the advancement and initiate a sell-off, we can expect continuation of the rally up to the 200-day SMA.
Traders' Sentiment
Despite significant appreciation of the Sterling lately, the sentiment towards GBP/USD has not been subject to change—59% of open positions are still long. Meanwhile, the portion of buy ones has plunged from 68 to 47%.
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