GBP/USD to stay beneath the down-trend at 1.62

Despite strong downward momentum the Cable exhibited last Friday, its attempt to break the support at 1.5976/60, represented by the monthly S1 and a lower Bollinger band, did not succeed. Right now GBP/USD is trading near the resistance at 1.6050, but there is a significant chance of the rate rising up to 1.62, namely the three-month falling trend-line, before the bears regain control of the market.

The market remains moderately bullish towards the Great British Pound, considering that 59% of open positions are long. Concerning the orders, 58% of them are set to acquire the Sterling against the U.S. Dollar.