GBP/USD depressed under the down-trend

Unlike EUR/USD, which has recently broken the down-trend, GBP/USD will remain under selling pressure due to the resistance at 1.6168 being intact. But, unless there is a decisive move up, the outlook will be bearish with this year's minimum at 1.5950 as the near-term objective. Beyond this point there are supposedly tough supports at 1.5850 (2013 Q4 low) and at 1.57 (monthly S2). Meanwhile, the 2013 low is still far away—at 1.48.

While the distribution between the bullish and bearish market participants is more or less the same as 24 hours ago (57 and 43% respectively), the percentage of commands to sell the Sterling increased—from 53 to 64%.