GBP/USD's bullish correction is near its end

The currency pair has again cut into a strong resistance, refusing to gain bearish momentum following a collision with a support level at 1.4829. However, the upward correction is expected to be terminated soon, supposedly at 1.5233, the 2012 low. Still, there is a high possibility of spikes extending up to either 1.5301/1.5273 or 1.5361/31 due to their proximity to the spot price.

The Sterling is sharply losing its popularity in the market, as many suppose that the surge might have come to an end and thus exit longs. Nonetheless, the bulls still constitute a half of the market. As for the orders, the number of buy ones (60%) has increased in relation to the sell ones (40%).