GBP/USD probes monthly PP
Pair’s Outlook
The Cable stayed on a bullish path and, as a result, rose up to one of the key resistances. At the moment it is testing supply area at 1.6620/1.6581, which consists of various studies, such as monthly PP, 55-day SMA and up-trend line. Therefore, a probability of further appreciation of the Sterling is decreased, but a possibility exists, considering that the weekly and monthly technicals are mostly in favour of a rally at the moment.
Traders’ Sentiment
The negative towards GBP/USD sentiment is once again becoming significant, as the gap between the shares of long and short positions widened to 12 percentage points. Meanwhile, the portion of buy orders 100 pips from the spot declined, from 60% to 55%.
Source: DukascopyBankSA
