GBP/USD falls below 1.60

It seems that resistance around 1.6031 used to be strong enough to calm down the bullish pressure, as the British currency declined below the major level at 1.60. The next significant support line is located as far as at 1.59, meaning that depreciation of the Pound is very likely in the short-term. Technical indicators support the US dollar and expect the strong decline of this currency pair in the medium-term with the 2013 Q4 low at 1.5852 as a long-term goal.

Distribution between long and short positions on the market changed insignificantly, with 57% of them remaining bullish at the moment. Pending orders, however, improved both in 50 and 100-pip ranges.