GBP/USD steps away from resistance line

GBP/USD has just reached the upper boundary of the channel up pattern. Consequently, the selling has set in and may continue for some time, being that there are no notable support levels nearby. The 100-day SMA will be the first demand zone the pair is going to encounter, accordingly, from there we might see a recovery, although the support trend-line is a little lower, at 1.5292.

SWFX traders' negative sentiment towards the Cable is more or less unchanged since the last report. The portion of those expecting depreciation of the Pound is 68%, leaving bulls in a minority (32%). In the meantime, the difference between the buy (44%) and sell (56%) orders has narrowed.