GBP/USD puts pressure on 1.6590
Pair’s Outlook
The monthly pivot point failed to keep GBP/USD afloat and thereby exposed 1.6590/87. And even though this support area is quite dense, consisting of the 55-day SMA and weekly PP, the Sterling is capable of falling deeper, potentially down to 1.65, where it has much better chances of receiving a strong bullish impetus. The reason is that near this round level we have the 100-day SMA, 2011 highs and monthly S1.
Traders’ Sentiment
The sentiment towards the Pound returned from moderately bearish to strongly bearish, being that the percentage of short positions open on GBP/USD has surged from 58% up to 68% since the previous report.
Source: DukascopyBankSA
