GBP/USD rebounds from monthly R1

Even though right now the Cable is headed towards the weekly pivot point at 1.6688, in the end the rally is expected to prove to be shallow, as the outlook on the pair is bearish. Once the upward correction comes to an end, the Pound will likely target the rising support line at 1.65 next. In case the up-trend does not withstand the selling pressure, the price could then fall down to 1.63.

Judging by the distribution between the bulls (41%) and bears (59%), the situation in the market is perfectly unchanged from the one seen yesterday. However, in the region close to the current trading levels, there was a considerable increase in buy orders—their share went up from 60% to 75%.