GBP/USD depreciates along Bollinger band

The British Pound weakened heavily yesterday, as its price reversed around the weekly pivot point at 1.5240 and slipped along the Bollinger band. The domestic inflation slowed more than expected, thus investors are concerned about an increased probability of additional monetary easing measures. The pair is likely to challenge a 1.5094 level, where the weekly S1 is located.

Bears cut their positions dramatically, as yesterday they had a 55% share and today there are left with only 37%. Seems that investors reversed their sentiments according to macroeconomic data. Placed orders market is very slightly bearish, as the sell orders have a 51% share.