GBP/USD capped by 1.6449/41

Although initially it looked as if the Cable wishes to rise back to the resistance at 1.6513/00, the monthly pivot point proved to be sufficient to negate the upward momentum. Accordingly, it may be reasonable to ignore the weekly indicators and prepare for a sell-off, which needs to push the price through the tough support at 1.6330/00 in order to fully realise Sterling's bearish potential.

After a prolonged period of indecision the SWFX market participants are becoming more optimistic with respect to the British Pound, being that the portion of long positions increased from 53% up to 57%. Meanwhile, the difference between the buy (46%) and sell (54%) orders is largely insignificant.