GBP/USD stumbles upon 1.5756/50

The currency pair is reluctantly approaching a major support area, the upper part of which is formed by the monthly S3 in conjunction with a support line at 1.5750 that not so long ago proved to be of great importance to the market participants, especially during the period from May till August last year. Slightly lower the price will encounter a long-term support trend-line that did not lose its topicality since the very beginning of 2009. All of this notably decreases the chance of the Cable going lower.

While the Cable remains in a downtrend, the popularity of the Sterling is growing, since the share of bullish towards the pair traders has increased up to 67%, while the portion of bears is now 33%. The ratio between buy and sell orders is 45% to 55%, respectively.