GBP/USD stays directionless

Even though volatility of GBP/USD increased this week, none of the significant levels have been breached yet. According to the technical indicators, the Pound should eventually gain bullish momentum and rally to the upper boundary of the upward-sloping channel at 1.74. The near-term positive outlook is secured by the support at 1.7042, but in the longer-term perspective 1.69 is likely to play a more important role.

At the moment 74% of the SWFX market participants reckon the current price of the Sterling to be excessive, as they are holding short positions. Concerning the orders, there is no large difference between the buy (49%) and sell (51%) ones right now.