GBP/USD underpinned by 1.66

Despite a strong sell-off seen a week ago, for the time being the support near 1.66 proves to be sufficient to keep the Sterling afloat. Because of this GBP/USD still retains a chance to reach 1.69. If the demand area, represented by the monthly pivot point and the upward-sloping trend-line, does not hold, the Pound is bound to exit the rising wedge pattern to the downside and will thus be inclined to fall in the long run.

The difference between the bullish and bearish market participants now exceeds the 10-day average, being that the percentage of the latter increased from 57% up to 58%. The share of buy orders also grew, from 46% to 60%.