GBP/USD probes 1.65

A hurdle represented by the 2011 highs, namely 1.65, stays intact despite numerous attempts of GBP/USD to breach it. Accordingly, there is a good chance that the Sterling will be unable to continue the advancement beyond this point, especially considering that it has been forming a rising wedge pattern for the past six months. However, it is also noteworthy that the currency pair is well-supported, by 1.6449/42 and 1.6322/1.6269.

SWFX market participants are beginning to doubt Pound's ability to move any higher—the portion of the bearish traders is growing, presently it amounts to 56%. As for the orders, the sell ones (55%) lost their undisputable dominance over the buy orders (45%).