GBP/USD is currently within its sixth week lower, a bearish sequence not seen for just over a year. This week’s range overlaps last to show a lack of progress for bears, and if it were to close the week around current levels it would be deemed a long-legged doji. This week’s low has also respected the 200-week SMA as support, which is a decent level of potential support. Asset managers flipped to net-short exposure two weeks ago and large speculators reduced net-long exposure to a 6-week low. Yet the moves have mostly been down to a closure of longs as opposed to a surge in short bets against the pound. I’m therefore inclined to bet that longs could pick up over the near-term and support the pound, unless they surprise with a dovish cut today.