GBP/USD trades beneath the Bollinger band

Last week the pair increased from the 20-day SMA at 1.5070 to the upper Bollinger band at 1.5292, but lacked a stronger bullish impetus to breach the band more aggressively. Today the Cable remains depressed beneath a 1.5292 level . The closest resistance is located at a 1.5327/1.5412 area above and is constructed by the weekly R1 and R2, also the monthly pivot point and the 55-day SMA.

The British Pound lost a fraction of its market share, as the buy side contracted 3% and was amounting to 54%. Placed orders segment demonstrates a low degree of bearish exposure, as 54% of orders are waiting to sell the Cable.