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- ING (based on PoundSterlingLive)
Pair's Outlook
Relatively disappointing US employment figures on Friday allowed the British Pound to add more than 140 pips against the Greenback, causing the Cable to climb over the 1.27 major level. Today the GBP/USD currency pair opened with a small bearish gap, but despite that the Sterling is still likely to inch higher, as technical indicators in the daily timeframe suggest. The only obstacle on the Cable's path is the monthly R1 at 1.2718, but after Friday's breach of this resistance the pair is expected to ignore this area and successfully stabilise at a fresh eight-week high.
Traders' Sentiment
Market sentiment barely changed over the weekend, as now 58% of all open positions are long, down from 59% on Friday. Meanwhile, the portion of orders to sell the Pound remains unchanged at 59%.
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