GBP/USD probes 1.5568

GBP/USD continues to slide away from the rising trend-line. The nearest support that has the potential to stop the decline is the weekly pivot point at 1.5568; however, given the technical indicators, there is an increased possibility the exchange rate could fall not only down to 1.5401 (the current location of the 200-day SMA), but also as low as 1.5244/33, namely to the troughs seen in 2011 and 2012.

Regardless of the fact that the portion of short positions in GBP/USD declined, the SWFX traders' sentiment remains strongly bearish towards the pair, since 71% of market participants are betting on the Pound's underperformance relative to the greenback in the future.