GBP/USD stuck at Feb high

GBP/USD refused to leave the vicinity of 1.6822/14, being backed up by the nearest supports, such as the weekly PP and 20-day SMA. Therefore there are still considerable risks that the Sterling is going to surpass the February peak, thus opening a path towards the 2009 highs at 1.70. However, it must be noted, that while the technical indicators in general remain bullish, with every new day there are less and less of them pointing upwards.

The SWFX market sees the British Pound as overvalued—as many as 73% of traders are presently holding short positions. In the meantime, the sell orders are losing ground. Their percentage 50 pips from the spot dropped from 61% to 49%.