GBP/USD extend bearish correction

GBP/USD remains bearish after hitting 2009's peak, even though the technical indicators are mostly pointing upwards at the moment. The Cable may find support at 1.6858/48, which is created by the weekly PP and 20-day SMA. However, should the downward momentum remain intact, another demand area from which the pair could try to rebound consists of the monthly PP and weekly S1 and is located at 1.6797/76.

There is still a significant advantage of short positions over the long ones, as the former take up 69% of the whole market. In the meantime, the number of buy orders is rapidly increasing. Their share soared from 59% to 71% 50 pips from the spot.