GBP/USD challenges 23.6% Fibo

Despite the U.S. Dollar appreciating across the market, the currency was unable to outperform the British Pound, which in turn is currently attacking the resistance area between 1.63 and 1.635. Considering the density of this supply zone (monthly S2, 23.6% Fibo, etc.), further advancement is highly unlikely. However, a close above this price interval will allow GBP/USD to target the 38.2% retracement of July-August decline at 1.65.

As yesterday's open and close prices were almost at the same level, the distribution between the bulls and bears stayed the same—59 and 41% respectively. As for the orders, as many as 68% are to purchase the Pound against the Greenback.