GBP/USD to retain negative bias

Although the falling trend-line at 1.62 remains intact after an attack launched last week, the bulls are not giving in. Nevertheless, the base case scenario is still a sell-off down to 1.5950. But advancement beyond that point is going to be difficult, being that it is a cluster of supports consisting of the weekly and monthly S1, this year's low and the lower Bollinger band. Meanwhile, the daily and weekly technical indicators are mostly bearish.

Right now there is a slight advantage of bulls over the bears—they constitute 56% of the market. Concerning the buy and sell commands, there is currently almost no difference between the former (47%) and the latter (53%).