GBP/USD struggles to rise above 1.59

The Cable experienced some volatility yesterday, but closed the trade edging higher. The Bollinger band from below cause the GBP/USD to gain an additional 30 pips, despite bearish expectations. The 1.59 psychological level is likely to limit further gains today, while technical studies keep showing mixed signs. Moreover, the pair might finally be pushed slightly back and decline towards 1.5838, where the weekly R2 lies, or even back to 1.58 major level. 

For the fourth consecutive day the share of longs decreased by one percentage point, as only 51% of traders hold long positions today. The number of orders to acquire the Sterling edged up from 59 to 61%.