GBP/USD is struggling to cross 1.61

After 1.61 played an important role in evolution of the GBP/USD in September, it is now acting as a ceiling for the price. But if the bulls do not give in and continue to push the rate higher, the next potential reversal point will be only 100 pips higher—at 1.62. The resistance there should be enough to reignite selling, as it is implied by a cluster of studies: the three-month falling trend-line, weekly R1 and 20-day SMA.

There have been no major changes in the distribution between the long and short positions open. While the former take up 60% of the market, the latter are in a minority with 40%. As for the orders, most (56%) of them are to sell the Sterling.