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- Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
The Cable turned around ahead of the lower boundary of the bullish channel it has been forming for the past three months and now is attempting to recover; however, appears to be struggling at the weekly PP. Still, there are good indications that the Sterling will continue the recovery started on Jul 10 and rise even higher, at least until the Jan high at 1.6390.
Traders' Sentiment
After a substantial change in the attitude of the market towards the British Pound during the weekend, the sentiment is now more or less stable with respect to GBP/USD, where 37% of positions are long at the moment, and other Sterling crosses, where 38% of positions imply appreciation of the Pound.
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