GBP/USD hovers above 1.5049/37

The Cable proves to be unable to gain upward momentum, as a strong resistance zone 1.5243/27 discourages bulls from betting on appreciation of the Sterling. As a result, the currency pair stays flat just above 1.5049/37. However, the technical indicators are bearish at the moment, but additional supports are to be found at 1.4898/66 and 1.4829 in case a dip emerges.

After a considerable contraction the portion of long positions has stabilised at 61%, meaning that traders are still waiting for the British Pound to start a recovery despite the strong bearish tendency in the pair. As for the orders placed on GBP/USD, a majority (57%) of them are to acquire the greenback.