GBP/USD closes above monthly PP

The Cable keeps balancing between gains and losses, being unable to start a new trend. However, despite the daily and monthly indicators pointing mostly south, the pair was able to rebound from 1.4230 and gain a foothold above the weekly R1 and monthly PP, which creates a good opportunity for another jump higher, though this will still be considered a part of the bullish correction. The next target could be the weekly R2, followed by a solid resistance area between 1.4636 and 1.4681.

There was a sudden and sharp shift in the sentiment, as the portion of bulls in the market plunged from 63 to 39%. At the same time, the share of orders placed to sell the Sterling rose from 51 to 64%.