GBP/USD undergoes a correction

As expected, the Sterling was unable to keep the accelerated pace of appreciation relative to the buck and declined. However, it fell through the support at 1.6102/1.6062, which was supposed to underpin the pair. Nevertheless, there is a plenty of levels that should prevent an extension of the losses, such as the rising trend-lines that cross at 1.5965/44.

Over the weekend the popularity of the British Pound has notably increased, leading to a significant change in the positioning of traders on GBP/USD. Respectively, the portion of open long positions grew from 27% up to 36%, but the bulls still remain in a distinct minority.