GBP/USD stopped by 1.5240/33

A battle between the bulls and bears at 1.5240/33 has not yet revealed a victor; however, given that a March-April recovery proved to be unsustainable, the Cable should be inclined to hunt for lower levels, as continuation of the down-trend started at the very beginning of this year. Accordingly, as long as the rising resistance line at 1.5434/19 is intact, the bias should be negative.

Market participants have become less confident in Sterling's bullishness, since the portion of long positions has declined to 57%, even though it remains one of the most popular currencies to buy. In the meantime, relative balance between the buy (48%) and sell (52%) orders has been restored.