GBP/USD faces 23.6% Fibo

Although it looked as if the market respected the new resistance at 1.6250, the supply here turned out to be insufficient to push the Pound back to the monthly S3 at 1.61. As a result, GBP/USD is now challenging the 23.6% retracement of the July-August sell-off, but in the end it should fail to advance far beyond 1.63, as suggested by the near-term technical indicators, and instead return to this year's low at 1.6050.

Just as in EUR/USD, the bullish views are getting less and less popular, being that the portion of longs is now 59% (61% yesterday). As for the orders, the distribution between the buy and sell ones is 43 and 57% respectively.