GBP/USD is poised for a drop

Though the bulls were largely defeated last week, they are not giving up, but keep hindering further development of the dip. Nevertheless, the decline is expected to extend down to this year's low at 1.6050. If a rally then follows, there will be a risk of GBP/USD forming a double bottom. However, the pair will have to break the falling trend-line at 1.63 and a cluster of resistances (including the neck-line) at 1.65 to fully realise the pattern's upward potential.

The distribution between the bulls and bears is more or less the same as 24 hours ago—58 and 42% respectively. As or the orders, the percentage of the ones to sell the British Pound fell from 81 to more moderate 66%.