GBP/USD stays underpinned by 1.6070/34

GBP/USD continues to fluctuate between a tough resistance zone at 1.6237/14 and a less formidable support area at 1.6070/34. And while the technicals are largely silent at the moment, we assume that the major down-trend resistance is not going to let the currency pair to advance, making a sell-off through the nearest supports a more likely option for the Sterling in the medium and long-term perspective.

A substantial portion of the SWFX traders stay convinced that the British Pound is poised for losses—71% of them are holding short positions on the pair. Concerning the orders placed on GBP/USD—56% of them are to buy the Sterling and the remaining 44% are to sell it against the greenback.