GBP/USD underpinned by 1.63

GBP/USD continues to trade just above the 2012 highs, as neither bulls nor bears are willing to give up at the moment. Still, being that the overall outlook on the Sterling is bearish, the support at 1.6300/1.6273 should be ultimately broken. Then the rate will set course on the 200-day SMA at 1.5627/14, but will have to push through the monthly S2 at 1.6111 prior to that.

There are still more long positions (54.5%) in the market, but the difference between them and the short ones (45.5%) has narrowed since the precious report. Regarding the orders set 100 pips from the spot, the gap between the buy (52%) and sell (48%) ones is currently minimal.