GBP/USD held by monthly PP

The monthly pivot point near 1.66 turned out to be sufficient to prevent further decrease of Sterling's price. If this support remains intact, GBP/USD will have a good chance to recover up to the rising resistance trend-line at 1.6863. In the longer-term perspective, the pair may even climb up to the 2009 highs at 1.70, but will be expected to change the direction afterwards.

The sentiment with respect to GBP/USD remains largely neutral after a precipitous fall of the price, with only a slight advantage of bears (55%) over bulls (45%). At the same time we observe an increasing number of buy orders placed on the pair—their percentage went up from 54% to 59%.