GBP/USD buoyed by 1.5092/85

A support level at 1.5092/85 initiated a recovery yesterday that has postponed development of a dip. Nonetheless, we consider the bearish bias towards the currency pair to be safe despite the interim delays, being that the key area at 1.5221/1.5177 preserves its intactness. Once buying pressure at 1.5092/85 is overcome, the Cable should look for a re-test of 1.4866/29.

Today more traders view GBP/USD as a bullish pair than there were yesterday, as the portion of long positions has grown from 56% up to 59%, although on average the U.S. Dollar is slightly more popular than the Sterling in the SWFX market. In the meantime, there is no change in the ratio between buy and sell orders that constitute 55% and 45% respectively of the total number.