GBP/USD to be capped by 1.63

After hitting the weekly S1 during yesterday's trading sessions, GBP/USD is currently moving counter the major trend—towards the negatively-sloped line at 1.63. Considering that this resistance is also reinforced by the monthly PP and 23.6% Fibo, the chance of the Sterling rising above this supply area is low. Instead, the pair is expected to resume the decline and re-visit this year's lowest point at 1.6050, as suggested by the daily and weekly studies.

Just like in EUR/USD, here the difference between the bulls and bears is also insignificant—it amounts only to 10 percentage points. As for the pending orders, there is a slight advantage of sell commands (57%) over the buy ones (43%).