GBP/USD approaches weekly S1

This week the Sterling depreciated noticeably, as it was traded around a 1.52 benchmark on Monday, but currently the price fluctuates in a 1.50-1.51 range. Yesterday the pair bounced from the weekly S2 at 1.5013 and gained to the weekly S1 at 1.5094, but that might be just a short-term retracement, as in general sentiments among analyst remain bearish.

As the pair does not show any signs of potential correction or even consolidation, the bullish side contracts together with the decreasing price. There are 66% of long positions and 34% of short ones. Placed orders market is being occupied by bears, since short positions have already reached a 54% share.