GBP/USD received strong bearish impetus

Formidable resistance area at 1.5729/58 (composed of 100 and 200 day SMAs and an uptrend resistance) has repelled attack of the pair, sending it down to 1.5650. The latter level should soon give in and pave the way towards the following support at 1.5608/1.5574. In the medium-term GBP/USD is expected to fall even lower - towards 1.5472/50 (uptrend support).

Majority of opened positions on the cable are short (60%), while those who believe the Sterling is about to appreciate relatively to the U.S. Dollar are in distinct minority, as their share is 40%. On the contrary, the ratio between buy and sell orders is 47% to 53%, accordingly.