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Sterling Remains Choppy After BoE Partially Hinted for Cutting Rates in Near Future.

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Sterling rose to a five-month high against the dollar after the Bank of England appeared cool on the prospect of introducing negative interest rates. However there are lots of hurdles to hold the latest gains especially when it drove by month-end flows. We still think pound move will remain volatile ahead of important economic data from UK especially retail sales for July.

TREND : WEAK BULLISH / SIDEWAYS

Time                                      :           07/08/2020

Pivot                                      :           1.3131

Technical View                     :             LONG ABOVE 1.3151

Target                                   :            1.3171, 1.3221, 1.3251

Technical View                     :             SHORT BELOW 1,3111

Target                                   :            1.3091, 1.3059, 1.2983

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