GBP/USD buoyed by 100-day SMA

Although the price has already risen back to the recently breached up-trend, which is supposed to be a bearish sign, the currency hesitates to decline. Most likely, it is the 100-day SMA that is currently hampering extension of the dip. Nevertheless, this support should eventually be broken, thus paving the way towards one of the key demand areas at 1.6510/1.6482, created by the monthly S2, weekly S3 and, even more importantly, by the 200-day SMA.

The sentiment towards GBP/USD interrupted the latest tendency to improve and returned to being bearish—56% of open positions are currently short. As for the orders, as many as 64% of them are to sell the Sterling against the buck.