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- Ignis Asset Management (based on Bloomberg)
Pair's Outlook
The Cable filled the weekend's gap and attempts to continue the appreciation from a two-and-a-half year low. The pair experiences a really harsh bearish pressure, as the U.K. was downgraded by the Moody's agency. However, GBP/USD has breached the major support level at 1.5226 and the upcoming movements will show whether it is a sustainable move. In case it remains heavily bearish, the next support should be found around 1.4853, where the monthly S3 lies.
Traders' Sentiment
The British Pound faces a huge popularity, as the majority of traders, 72%, have long positions on the Cable, and only 28% of traders believe in further depreciation and stay with short positions. Pending orders market demonstrates a bearish mood, as 30% of orders are for a long and 70% for a short position.
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