GBP/USD inclined to slide lower

Given that that the Sterling has fallen beneath 1.65, there is a good chance that the bearish momentum has not yet been fully exhausted. In this case GBP/USD should soon leave the 100-day SMA behind and start moving towards the monthly S1. If this support is broken, regardless of the bullish longer-term technical studies, the 2012 highs at 1.63 are to become the next target.

The gap between the numbers of bullish (48%) and bearish (52%)market participants has narrowed even further since the last update, meaning the sentiment with respect to GBP/USD remains neutral. In the meantime, the percentage of buy orders increased—from 54% up to 61%.