GBP/USD challenges monthly R1

As a week ago GBP/USD proved to be unable to surpass a tough resistance at 1.6851/29, the currency pair preserves bearish momentum. However, it did not manage to settle below the monthly R1, meaning we may witness an upward correction from 1.6632 in the short run. Still, in the longer-term perspective the Sterling is likely to target a key support at 1.65.

Compared to the situation five days ago, SWFX market participants are considerably less prone to believe that the Pound is going to depreciate, but they still form a majority, namely 59%. Concerning the orders placed on GBP/USD, there has been an increase in buy ones 50 and 100 pips from the current trading price.