GBP/USD at 2013 low

Pair finished last week with a 400 pip sell off and at the moment is hovering slightly above 1.482 (2013 low). As short term technicals suggest, pair is facing significant downside risk and there are only a few support levels below the current trading price. Weekly technicals so not give strong enough reading to expect a strong rally from the pair, which, if took place, should not breach 1.50.

Bulls are strengthening their positions further. At the moment they account for 69% (+4% during the weekend) of market participants. Share of pending orders posted by the bulls, however, decreased by 4% during the weekend and is at 52% level today.