GBP/USD trades at the weekly S1

In the few recent days, the British Pound was under bearish pressure and tested the 20-day SMA at 1.5142. Today the price is falling from the SMA and that might indicate a settlement in the lower part of Bollinger band and thus a potential continuation of the bearish trend. The very first resistance is at a 1.5106/1.5096 area, where the weekly S1 merges with the monthly PP, and the second support is at 1.5016, where the weekly S2 intersects the lower Bollinger band.

Bulls cut their positions on the British Pound, as the price signals about potential losses. The buy side contracted by 3% to 61%. Pending orders segment exhibits a bullish exposure, since 52% of orders are long.