GBP/USD is directionless

It appears that the demand and supply were in perfect equilibrium, as the price did not move away from the recent close level, even though the fact that an important support line at 1.5233 was not breached should have triggered short covering at least up to the nearby resistance at 1.5276/72. Accordingly, we should be wary of a potential dip that is implied by the technical indicators on a weekly chart.

The Sterling is now a more popular currency than the U.S. Dollar in the SWFX marketplace, being bought in 62% of trades in its crosses, while only 56% of positions in USD's pairs are long. On the other hand, there is presently no difference at all between those willing to acquire the British Pound and those wishing to sell it.