GBP/USD to eat away 1.6069/34

At first the price of the Sterling made an attempt to rise, but was stopped ahead of 1.6237/21 and then forced to lose ground until it hit the support formed be the monthly pivot point and the 55-day SMA. Once this area gives in, GBP/USD is expected to aim for even lower levels, such as the up-trend at 1.5933 and soon afterwards the monthly S1 and the 100-day SMA at 1.5971/46.

One of the very few changes the SWFX market experienced yesterday was that the British Pound became even less preferred currency than the Swiss Franc. Right now only 27% of positions throughout the Sterling crosses are long on the currency, the rest imply depreciation of the Pound.