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"Our respondents are overwhelmingly calling for growth in Black Friday sales, and they believe in the continued importance of these numbers as a window into retail and the wider economy."
- ConvergEx (based on CNBC)
Pair's Outlook
Similar to the EUR/USD cross, the Cable reflected the yesterday's weakness of the US dollar and moved to the north. The pair crossed the 1.58 major and neared the weekly R2 four pips higher. At the same time, this level is strengthened by monthly S1 from above, meaning that the task to breach this line will be difficult. For now we assume the Pound is going to oscillate below this important resistance and continue gaining more bullish momentum.
Traders' Sentiment
The advantage of bulls over bears decreased considerably since Wednesday. Right now only 55% of all positions on the pair are long (61% yesterday). On the other hand, pending orders in 100-pip range from the spot returned back to the green zone (55% of all).
© Dukascopy Bank SA