GBP/USD descends from weekly PP

The Cable is on the slide this week, as the price bounced to the weekly pivot point at 1.5142 and dropped beneath a 1.51 benchmark. However, Sterling's depreciation below 1.50 is not very likely, since technical indicators are close to an oversold zone. It would be more realistic to see a bullish correction, which would check the major SMAs around a 1.53 level and would measure strength of the on-going bearish trend.

Bullish traders reduced their share by another 4% to 59%, but still remain the leading power in the market. Placed orders segment is bearish, since 58% of orders are ready to sell the Pound against the buck.