GBP/USD holds bearish bias

Considering a tough resistance line at 1.5750, the risks on the Cable remain skewed to the downside. At the moment 1.5421/1.5388 provides sufficient support; however, a second attempt to surpass 1.5750, a scenario suggested by technical studies, is expected to fail and entail a dip extending beneath the down-trend support line, closer to 1.5233.

Most (62%) of SWFX marketplace participants anticipate further depreciation of the Sterling and therefore view the recent rally only as a temporary upward correction. As for the orders placed on the currency pair, 53% of them are to open long and 47% to open short positions.