GBP/USD does not leave 1.6390

Despite a high probability of a decline, the Cable managed to gain a toehold above 1.6348/43, which allowed it to challenge the January high. If this level is overcome, the price will open the way towards the key resistance—2011 high at 1.6745/29, but will have to breach the monthly R1 at 1.6545 beforehand. Alternatively, a failure is likely to result in a sell-off down to 1.6208/1.6199.

Preponderance of bearish with respect to the Sterling sentiments among the SWFX market participants persists—71% of open positions are short and merely 29% of them are bets on British Pound's appreciation. Meanwhile, within 100 pips from the current price the share of sell orders soared from 47% up to 62%.