GBP/USD's rally loses to 1.6102/1.6079

The rising trend-line that has been safeguarding Cable's bullish tendency since Jul 10 failed to halt emergence of a long red bar on the chart, opening the way for the currency pair to descend down to 1.5965/26. We would still allow for the rallies up to 1.6390, but GBP/USD seems to have topped out already and thus likely to start moving south (median forecast for this year's last quarter is 1.54).

As it turned out, most of the SWFX market participants were right to assume that GBP/USD was inclined to fall, but its noteworthy that they expect the Sterling to lose even more value in the future, since the amount of short positions (61%) greatly exceeds the amount of the long ones (39%).