GBP/USD stays directionless

Regardless of numerous attempts to rise, the Cable remains unable to cross the demand area created by the February high and monthly R1 at 1.6822/00. This event would pave the way towards the 2009 highs at 1.70. On the other hand, the bears also seem to be incapable of pushing the exchange rate out of its latest trading range, as it would most likely mean a dip down to the nine-month up-trend support line, which is not the case.

Traders' sentiment is explicitly bearish with respect to the Sterling—as many as 72% of open position imply its depreciation. And the selling pressure may even increase, since the percentage of sell commands 50 pips from the current price went from 49% to 60%.