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"This is also the slowest recovery for over 100 years. Simply to catch up all the ground we have lost under David Cameron and George Osborne, we would need growth of 1.3 percent each quarter over the next two years."
- Labour Party party's would-be chancellor (based on Reuters)
Pair's Outlook
Pair is stuck below Fibo 61.8% (mid of June till start of July move) for 5 days now. Yesterday's bearish impetus from 100-day SMA gave the impression that pair might advance till 200-day SMA, but we can see that is not the case. As short and medium term technicals do not give strong indications about the further advancement of the pair it might bee that we will continue to see such choppy sessions in the future as well (bound by 55 and 100-day SMAs and Fibo 61.8%).
Traders' Sentiment
Bearishness is creeping in to the market as amount of the bears increased by 4% and is at 60% gauge today. In addition to this, bearish pending orders increased by 2% and is at 65% level.
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