GBP/USD hesitates to advance

Despite a breach of the major obstacle in the face of the February high at 1.6822, GBP/USD is nonetheless failing to gain traction, even though there are no more significant resistances until 1.70. There, however, the 2009 highs, coupled with the monthly R1 and weekly R2, will most likely terminate the upward momentum of the exchange rate and then force the bulls to give up their positions. This decline will be expected to extend at least down to 1.67.

There are five percentage points less short positions on GBP/USD than last week. However, the sentiment stays explicitly bearish, as 69% of open positions are still short. As for the orders, there is no meaningful difference between the buy and sell ones.