GBP/USD pulls back

As noted previously, the Cable is currently undergoing a correction that follows a sharp rally. This temporary weakness should be limited by the support at 1.5432/26 (weekly PP and 200-day SMA) in order for the pair to confirm bullish intentions. However, the bullishness is unlikely to be seen in the longer term—the resistance at 1.5762/50 is expected to turn out to be impenetrable once tested.

The portion of short positions has lost three percentage points since the previous report; still, they constitute a majority in the SWFX marketplace, namely 63% of it. As for the orders placed on the pair, 44% of them are to buy the British Pound and 56% are to sell it against the buck.