GBP/USD finds support at 1.67

Although GBP/USD received a strong bearish impetus after a test of the February's high, today the currency pair is not keen on declining, as it seems to have found support at 1.6704 (weekly PP). Nevertheless, the downside risks are significant and there is still a high probability of the price falling down to 1.6642/35, where it will meet the monthly PP and 55-day SMA. Additional support is beneath 1.66—up-trend line and 100-day SMA.

The gap between the amounts of longs and shorts narrowed, but there are still notably more bears (60%) in the market than there are bulls (40%). In the meantime, the distribution between the buy and sell orders 100 pips from the spot price is 55% and 45% respectively.