GBP/USD denied by 1.65

The resistance at 1.65 once again proved to be impenetrable. It sent the rate beneath a firm support at 1.6449/39 and to the up-trend support line at 1.6381 that should at least slow the current sell-off down, if not halt it completely. In case this demand area eventually gives in, the Cable may approach a lower and at the same time stronger support circa the 2012 highs at 1.63.

Yesterday's dip neutralised the bearish with respect to GBP/USD sentiment—right now 49% of positions are long and 51% are short. Meanwhile, there has been a substantial increase in the share of sell orders, especially 50 pips from the current price—from 48% up to 73%, during the last 24 hours.