GBP/USD is about to hit 1.65

Despite some hesitation near the monthly pivot point at first, which led us to a belief that a rally is already coming to an end, GBP/USD managed to breach 1.6449/42, thereby exposing a key resistance at 1.6513/00. Nevertheless, the upside is still deemed to be limited and in the following months we are more likely to witness a sell-off through the nearest supports down to 1.60.

Apparently, a portion of the traders, who bought the Sterling yesterday, have already realised their profits, being that the share of long positions (51%) returned back to the 10-day average after a brief increase to 57%. Concerning the orders, at the moment there are more those to sell the Pound (61%).