GBP/USD stalls ahead of 1.6679/24

Today there are more ‘buy' signals provided by the technical indicators than yesterday, but the Cable continues to hesitate to advance around the resistance represented by the monthly R1 at 1.6679. However, if the British Pound overcomes this hurdle, there will be no significant obstacles until 1.68, where the 11-month up-trend line merges with the monthly R2 level.

Although there are relatively less short positions than 24 hours ago, a substantial majority of SWFX traders (67%) expect the Sterling to underperform the greenback. In the meantime, there was a noticeable drop in the portion of the sell orders—from 63% down to 45%.