GBP/USD may dip to monthly PP

The Cable is currently experiencing difficulties overcoming the weekly pivot point, which did not let the Pound to appreciate further. Accordingly, the nearest future could be associated with a sell-off that should be limited by a strong support area between 1.6776 and 1.6735. Later on, however, there is a high chance of a recovery, considering that a majority of the technical indicators on the weekly and monthly time-frames are bullish.

The gap between the bullish and bearish traders narrowed even further. Now the latter take up 59% of the market instead of yesterday's 63%. As for the orders, most (63%) of them are set to sell the Sterling against the greenback.