GBP/USD stalls at 1.7044

The bullish pressure does not allow the Cable to retreat. However, at the same time the currency pair is unable to push through the resistance at 1.7044—the 2009 high. If it does manage to cross this level, there will be a good opportunity for the price to reach 1.74. Alternatively, if the bulls finally give in, the Sterling will most likely try to find support at a dense demand zone around 1.68—up-trend line, monthly PP and 100-day SMA.

A substantial majority of the SWFX market participants are holding short positions, specifically 71% of them. As for the orders, the difference between the amounts of buy and sell ones narrowed from 34 to 26 percentage points.