GBP/USD is under major resistance

The British Pound has been traded for last two weeks under the major down-sloping resistance line at 1.5580. The price can not overcome this level, but constantly attempts to do that. In case of success, the Cable will step higher and reach an interception point of the Bollinger band, monthly R1 and 200-day SMA. However, opening a long position might be risky, as the pair appreciates already for two months and is close to an overbought zone—the RSI has a value of 60.

The British Pound traders are bearish, as 61% of opened orders are oriented for a decrease in value. Placed orders market is close to an equilibrium with 52% of buy orders.