GBP/USD challenges 1.5623/02

The fact that the Cable has closed below the major up-trend support line implies continuation of a decline even further, supposedly towards 1.5419, the most likely point of contact with the falling trend-line. However, before that the currency pair will have to push through 1.5623/02 and 1.5568/46, meaning there could be a re-test of 1.5750. Meanwhile, technical studies are giving mixed signals.

The gap between the bulls and bears has widened once again, being that the share of the former increased up to 57% and the share of the latter diminished to 43%, even though the price was stable. At the same time the ratio between the buy and sell orders is 45% to 55% respectively.