GBP/USD faces difficulties

Though yesterday's behaviour of GBP/USD did not meet the expectations for a rally due to the resistance at 1.5610, there are still plenty of arguments in favour of a rebound from the nearest supports up to the June high at 1.5750, since the currency pair remains within an up-trend channel. Meanwhile, longer-term prospects are not as bright—three out of eight technical indicators are giving ‘sell' signals, with only one suggesting a bullish scenario.

The attitude towards the British Pound has become even more negative than yesterday. The share of long positions in GBP/USD has fallen by another percentage point to 28%. The same proportion of bulls is observed on average in the rest of the Sterling's crosses.