GBP/USD rapidly retreats

Just like in many other U.S. Dollar crosses, the buck noticeably outperformed its counterpart here as well. After unceasingly bullish performance since Dec 23 the currency pair turned around at the weekly R1 and then swiftly hurried down to the monthly pivot point. This is the last defence before the price reaches January high, but the dip may extend even further by inertia, towards the falling support line at 1.6220/04.

At the time when the greenback is becoming less popular among the traders, the average percentage of long positions in Sterling's crosses went up from 34% to 46%. Particularly in the Cable the share of shorts plummeted from 71% to 55%.