GBP/USD to probe 1.6097/77

As expected, the major down-trend resistance line repelled the Cable, which is now about to hit the weekly PP at 1.6097. This support should not prove to be a serious obstacle, but the bearish momentum might weaken somewhere around the monthly pivot point level that is strengthened by the 55-day SMA and the rising support line, although it has already been breached in mid-September.

The portion of bullish towards GBP/USD traders (30%) has contracted by three percentage points since the previous issue, as the British Pound is becoming less and less popular in the SWFX market. Speaking of the orders, 53% of them are to buy and 47% are to sell the Sterling.