GBP/USD pushed through 1.5504

Despite 1.5504 proving to be a formidable support level, it has given in and thus allowed further depreciation of the British Pound. The next target of the pair resides at 1.5406/1.5389, being the last obstacle en route to 1.5283/51, where we are supposed to see an inception of a long-term upward tendency. Although it is also worthy to notice that the pair was unable to close above 200 day SMA for more than two months.

The amounts of bulls and bears are nearly equal in the market, since they constitute 52% and 48% of it, respectively. Consequently, right now the pair is neither overbought nor oversold. The ratio between buy and sell orders, on the other hand, is 43% to 57%, accordingly.