GBP/USD hesitant to rally

Although there were not supposed to be any significant resistances nearby, the Sterling was unable to continue advancement. Nevertheless, the near-term outlook is considered to be positive, as the down-trend resistance at 1.6863 is still within reach and there are more ‘buy' signals than the ‘sell' ones. If, however, GBP/USD fails to turn around, there is a strong support area between 1.66 (monthly PP) and 1.65 (up-trend and 2011 highs).

The gap between the amounts of bulls and bears has somewhat widened since the previous report, as the portion of the latter increased from 58% up to 60%. A similar tendency was exhibited by the sell orders, their percentage went from 51% to 59%.