GBP/USD to find support at 1.6782/70

Last week's attempt to re-test the 2009 highs at 1.70 did not succeed, and GBP/USD declined. Still, the key support, namely the monthly PP, 55-day SMA and up-trend line at 1.6782/70, stays intact, meaning the currency pair may rebound from it in the future. The bullish outlook is also reinforced by the weekly and monthly technical studies, but the Sterling will have to breach the resistance at 1.6856/51 (weekly PP and 20-day SMA) first.

While last week there was a substantial gap between the numbers of bullish and bearish market participants—28 percentage points in favour of the latter, today the difference is notably lower, only 10 percentage points.