GBP/USD ends upward correction

Although for a moment it seemed that the Sterling is going to rise above the down-trend at 1.64, in the end the bears pushed GBP/USD away. Now the pair is applying pressure on the support at 1.6331/16, created by the monthly S2, 23.6% Fibo and some other studies. If this demand area is violated, there will be nothing except for the 2014 Q1 low at 1.6250 and monthly S3 at 1.61 guarding this year's lowest point at 1.6050.

The SWFX market participants are slightly more bullish with respect to the British Pound than bearish, being that the amount of long positions (57%) exceeds the number of short ones (43%) by a small margin.