GBP/USD to bounce off 1.6813/1.6776

GBP/USD did not manage to continue its Friday's surge, thereby confirming formidability of a new resistance area at 1.6813/76. Now there is a high possibility the Pound is going to start ceding ground. The immediate support is at 1.6708, represented by the 100-day SMA, but the sell-off has the potential to extend lower, even though the weekly and monthly indicators are mostly pointing upwards. Another significant support is at 1.6510/1.6482—200-day SMA.

While the gap between the amounts of bullish (46%) and bearish (54%) market participants remains insignificant, the advantage of the commands to sell the Sterling (65%) over the ones to buy it (35%) is getting more pronounced.