GBP/USD challenges weekly PP

The Cable is currently eroding the supply area at 1.6855/51, a breach of which will pave the way towards a major level at 1.70. However, due to toughness of the resistance, advancement beyond this point seems to be unlikely, despite the signals given by the technical indicators on the weekly and monthly charts. This will put the support at 1.68 (rising up-trend, 55-day SMA and monthly PP) under threat.

The bears (56%) preserve a slight advantage over the bulls (44%), but the sentiment is still more neutral than bearish. Similar distribution is observed between the buy (43%) and sell (57%) orders placed on GBP/USD.