GBP/USD remains directionless

Even though GBP/USD seems to be well-supported, having a long-term up-trend, monthly pivot point and 55-day SMA as guarantors of bullish outlook, it does not appear to be willing to advance north. The weekly and monthly technical indicators are also implying a positive bias, but the currency pair stays beneath the resistance at 1.6672/50, thereby calling into question ability of the support at 1.6604/1.6559 to initiate a recovery.

The bearish towards the Great Britain Pound sentiment in the market continues to strengthen. The share of short positions added another percentage point and now amounts to 59% (54% five days ago).