GBP/USD stays capped by 1.6822/14

While EUR/USD is already on the move, the Cable still stays inactive. After several unsuccessful attempts to surpass the resistance represented by the Feb high, the currency pair seems to have lost its upward momentum and now simply gravitates towards 1.6822/14. However, a substantial majority of the technical studies suggest that GBP/USD retains the bullish potential and thus remains a threat to the nearby resistances.

Although there is no movement observed in GBP/USD, the traders are becoming less sure that the Sterling is able to appreciate. Presently three out of four positions are short. At the same time the gap between the buy (45%) and sell (55%) orders is narrowing.