GBP/USD respects 1.6381

Yesterday GBP/USD confirmed presence of a firm support near the weekly S1 level, which is currently strengthened by the rising trend-line that has been in force since the beginning of July. Still, taking into account that this demand zone is the lower boundary of the rising wedge pattern, we should be prepared for a possibility of a precipitous decline once 1.6381 capitulates.

Presently the amounts of bullish and bearish SWFX market participants are perfectly equal, meaning on the whole traders are uncertain, which of the two currencies is going to outperform its peer. Meanwhile, within 50 pips from the current price there are 25 percentage points more buy orders compared to the sell ones.