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- BNP Paribas (based on Reuters)
Pair's Outlook
Not much has changed during the last 24 hours, meaning that the near-term outlook for the Cable remains bearish. The pair is still expected to fall towards the 1.28 major level, where the weekly S1 coincides with the July low and the descending channel's support line. However, the exchange rate is unlikely to reach this area today, with the main support still being the cluster around 1.2960, represented by the weekly S1 and the Bollinger band. Meanwhile, technical indicators retain their mixed signals in the daily timeframe, while being bearish in the weekly one.
Traders' Sentiment
Market sentiment remains close to equilibrium, as only 55% of all open positions are long today, compared to 51% on Monday. The share of sell orders barely changed as well, having fallen from 63 to 62%.
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