GBP/USD – Another Strong Bounce Off 1.5585 Unlikely

  • GBP/USD is slowly heading towards another test of the 1.5585/90 support area after the pair failed to sustain momentum above 1.57
  • It previously posted a triple bottom at 1.5585
  • It’s unlikely we’ll see another significant rally of this support area and I expect to see a breakout soon, which would pave the way for a 1.55 test
  • GBP sentiment bearish + positioning data shows speculators have increased GBP short bets recently
  • The more a support area gets tested, the weaker it becomes…especially if those retests occur in such a short timeframe as it is currently the case in Cable
  • GBP/USD is currently trading at 1.5638

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