GBP/USD shoots up to monthly PP

After touching the support at 1.5898/71, consisting of the weekly and monthly S1 levels, the Pound soared all the way up to the monthly PP at 1.6066/49. And even though this rally and the preceding dip have mostly occurred due to the fundamental reasons, the pivot points seem to have played a notable role in defining the extent of the latest swings.

More and more traders are beginning to believe that the British Pound will outperform the U.S. Dollar. However, the Sterling-bulls are still in a minority—they take up only 39% (36% yesterday) of the market. Meanwhile, the ratio between the buy and sell orders is respectively 58% to 42%.