GBP/USD approaches 1.6336/19

Although at first it seemed that 1.6397/90 will be able to stop further depreciation of the British Pound, the price remains strongly bearish. The next support that is likely to attempt to halt the decline is at 1.6336/19, which is formed by the weekly and monthly S1 levels. If this area gives in as well, the dip could extend down to the long-term falling line at 1.6234.

Even though just five days ago there were three times as many short positions as there were long ones, right now their shares are equal, and the sentiment therefore is neutral with respect to GBP/USD. Concerning the orders, there are significantly more plans to purchase the Sterling (66%) than to sell it (34%).