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"During the upcoming days, the UK will release its NIESR GDP estimate, whilst the BOE will have its monthly economic policy next Thursday, both events set to determinate if the GBP can extend its decline, despite being extremely oversold."
- Valeria Bednarik, FXStreet (based on FXStreet)
Pair's Outlook
The Cable suffered more losses on Friday, not only piercing the weekly S1, but also the monthly one, only to find support at 1.5164, namely the lower Bollinger band. Today trade opened just above the monthly S1, which is keeping the GBP/USD pair from falling deeper for now, as it is also bolstered by the major level of 1.52. Amid lack of fundamental data from the US, the Greenback is expected to weaken against most major peers, including the Sterling, and with the help of the mentioned support cluster to trigger a small surge.
Traders' Sentiment
There are slightly less traders with a positive outlook towards the British Pound today, namely 58%. At the same time, the number of commands to acquire the Sterling increased to 54%.
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