GBP/USD struggles at 1.5585/83

GBP/USD has just confronted a formidable level at 1.5585/83, which should be eroded and then allow further depreciation of the British Pound relative to the U.S. Dollar. Subsequent supports lie at 1.5530/04 and 1.5427/1.5389 and will be even harder to breach, though the pair is expected to regain bullish momentum only near 1.5289/49, consequently, rallies are to remain shallow.

Traders' sentiment remains mixed towards the Cable, since the shares of bullish and bearish traders are nearly equal, constituting 49% and 51% of the market, respectively. As for the orders, most of them (61%) are to acquire the Dollar, while only 39% are to acquire the Sterling.