GBP/USD consolidates around 1.5671

GBP/USD pair made a deep spike down, as the price touched the monthly S1 level at 1.5568 and immediately retreated back to the Bollinger bands area. Currently the pair is just below the weekly S1 and is looking for a further direction. Even the Cable is bounded by a bearish trend, but it seems that bulls recovered their power and attempt to reverse the trend, as in the last few weeks, the pair is fluctuating in the same range with high volatility.

SWFX market traders increase the gap even further, as there are 62% of bullish positions and 38% of bearish positions. Waiting orders market is more balanced, as the buy side has 55% and the sell side has 45%.