GBP/USD strengthens further

The Sterling appreciates further, as the market has expectations that the U.K. will reach a positive GDP growth in the first quarter and avoid additional monetary easing measures. Therefore the pair strengthens for a second day after bouncing off the major support level at 1.5234. Today the price is bounded by the weekly R1 at 1.5335 and monthly R1 at 1.5362 from above and the 20-day SMA with weekly R1 from below.

Investors were not so keen to open long positions any more, as the buy side contracted by 4%, but still maintained a mild majority of 52% positions. Waiting orders market also has a 52% share of buy orders and a 48% share of sell ones.