GBP/USD does not leave vicinity of 1.6233

Even though selling pressure at 1.6233 was insufficient in order to prevent retest of the resistance, as the cable once again approaches it, the price is expected to be capped there and rallies above it are viewed as unsustainable. Pair is thus anticipated to focus on supports, the nearest of which may be found at 1.6177/38, followed by 1.6087 and 1.6021/12.

GBP/USD remains oversold to a substantial extent, since the portion of short positions (72%) greatly exceeds the portion of long ones (28%). On the other hand, buy orders (55%) are in majority relatively to sell orders (45%), but nevertheless do not give a distinct signal.