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- JPMorgan (based on Reuters)
Pair's Outlook
The Cable exhibits significant bearish sentiments, as the price depreciates without any corrections. Yesterday, the pair has reached a 11-month support line at 1.5707, which might be strong enough support to halt the recent price depreciation. Also, an oversold situation is very possible, as the RSI indicator implies increased risk. The index has a value of 24 in a daily graph and 39 in a weekly graph.
Traders' Sentiment
Sharp depreciation of the Sterling attracts a lot of traders, as the buy side has 71% of all opened positions and bearish side has only 29% of positions. Pending orders market is gently bullish, as 52% of orders are long and 48% are short.
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