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- Western Union (based on Reuters)
Pair's Outlook
Although at first it seemed that the Sterling is planning to increase in value, at the end of the day it closed in red. The weekly PP at 1.6695 has already been breached and now the support at 1.6655/04 is expected to try to prevent further losses. In the meantime, some of the technicals continue to point upwards, suggesting that Pound's weakness is not going to persist for a long period of time.
Traders' Sentiment
Similarly to the events observed in EUR/USD, the change in the distribution between the long and short positions in GBP/USD was also significant—the portion of traders expecting the price to fall plunged from 65% down to 53%. Meanwhile, the share of buy orders soared from 39% up to 67%.
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