GBP/USD retreats from Feb high
Pair’s Outlook
As suspected, an initial test of the resistance at 1.6822/1.6786 turned out to be unsuccessful. Considering the strength of the supply area, this may result in a dip back to the up-trend support line at 1.6541/27, where the currency pair is going to meet the 100-day SMA as well. However, we should note there is also a notable cluster of supports around the monthly pivot point and it could prove to be significant in the coming weeks.
Traders’ Sentiment
A lack of volatility in the price was reflected in the distribution between the long and short positions, which is exactly the same as yesterday, 38% and 62% respectively. As for the orders, the amounts of buy and sell ones are nearly equal—48% and 52% accordingly.
Source: DukascopyBankSA
