GBP/USD gains above weekly PP

GBP/USD strengthened yesterday, as the exchange rate increased from the monthly S1 at 1.5191 to the weekly pivot point at 1.5340. The pair was pushed higher amid better-than-expected home sales data, indicating that the domestic economy might be really recovering. In case bullish sentiments persist this week, it is likely to see the price around a 1.5322 level, where the 55-day, 100-day SMAs merge with the weekly R1 level.

Bullish share in SWFX market contracted by 5% to 55%, meaning that currently there are a lot of speculators, who are ready to profit from very small corrections. Placed orders segment is neutral, since both sides have exactly the same amounts.