GBP/USD leaves monthly PP

The Cable turned away from the support at 1.6621/1.6599, mainly created by the monthly PP, and negated most of the losses incurred this Monday. If the tendency is preserved, GBP/USD could try to re-test a bullish trend-line, which at the moment is at 1.6900/1.6881. However, right now there does not seem to be enough upward momentum in order to cover 150 pips to reach this resistance.

The sentiment towards GBP/USD has become more bearish, as evidenced by a higher than Wednesday's portion of the short positions, which already amounts to 61% (56% yesterday). Meanwhile, the percentage of orders set to acquire the Sterling plunged, from 67% down to 44%.