GBP/USD falls down to 1.5012/1.4989

Even though the Cable initially seemed to have found support at 1.5239/33, it has effortlessly pierced through a number of notable levels thereafter. Right now the pair is trading just above 1.5012/1.4991, but there are few reasons from a technical perspective to believe this support is going to hold. Demand area at 1.4867/29, on the other hand, has the potential not only to stop the decline, but also to reverse the downward trend.

The British Pound is currently one of the most popular currencies, on average being acquired in 63% of cases throughout its crosses. This is also noticeable in traders' sentiment towards GBP/USD, where 70% of positions are long. Meanwhile, the gap between the buy (48%) and sell (52%) orders is minimal.