GBP/USD steps away from 1.5582

The British Pound continues to lose its value, as the Cable has come under heavy selling pressure near the upper boundary of the channel up at 1.5582. Some of the nearest supports, namely 1.5550 and 1.5494, have already been violated, meaning that that the decline is likely to persist and bring the price down to either 1.5417/03 or 1.5380/56, where it is going to encounter the lower edge of the pattern.

While most of traders continue to view the Sterling as bearish—61% of all the opened positions are short, the gap between the bulls and bears has noticeably narrowed, by 12 percentage points. Meanwhile, the distribution of buy and sell orders is becoming skewed towards the former.