GBP/USD moves away from 1.5221/1.5177

Yet another endeavour of bulls to throw the pair over a hurdle at 1.5221/1.5177 has proven to be unsuccessful, since the price is slowly pulling back after the test of the resistance area. Re-emergence of the dip is also speaking in favour of the idea that recent bullish correction (started on Mar 12) has come to an end and that soon GBP/USD will re-challenge the support at 1.4866/29.

The slightly bullish sentiment of market participants with respect to the Cable was preserved overnight, as the portion of long positions stayed at 55%, while shorts continue constituting 45% of the market. In the meantime, the ratio between buy and sell orders is 53% to 47% respectively.