GBP/USD is about to hit 1.5950

Even though at a slow pace, but the British Pound is nonetheless approaching the rising support line at 1.5950, which is highly unlikely to let the price fall unhampered. Additional support zones, such as 1.5898/71 and 1.5794/50, are also expected to negatively affect the bearish momentum the Cable is supposed to gain in the long-term, but are still not seen as potential turning points.

The positioning of SWFX market participants with respect to GBP/USD is the same as yesterday—a substantial majority of the traders view the Pound as bearish relative to the U.S. Dollar, specifically 70% of them. At the same time the gap between the buy (55%) and sell (45%) orders is widening.