GBP/USD capped by 1.6688

Yesterday GBP/USD made an attempt to break the weekly PP, but, as expected, failed to gain a foothold above 1.6688. Accordingly, there is a good chance that the Sterling will now slide from here back down to the monthly R1 at 1.6632. Afterwards it may return to the up-trend support line at 1.65, which in the end should surrender to the selling pressure and thus let the pair out of the rising wedge.

Just as yesterday, in term of numbers there is a slight advantage of bearish market participants over the bullish ones, being that the former constitute 59% and the latter 41% of the total number of traders. Meanwhile, 50 pips from the spot the share of sell orders skyrocketed from 25% up to 71%.