GBP/USD steps back from 1.6066

Although the Cable remained resilient to the selling pressure at first, it has finally retreated from the monthly pivot point and slid beneath the 55-day SMA. A subsequent goal for the pair should be a rising support line at 1.5950. And even though it has already been breached in the past (on Sep 13 and Feb 13), this trend-line has nevertheless proven to be significant.

Over the weekend the percentage of traders expecting the British Pound to rise in value has considerably decreased. In its pair with the U.S. Dollar in particular 70% of traders are expecting it to depreciate. In the meantime, the gap between the shares of buy (52%) and sell (48%) orders is minimal.