GBP/USD bounced off 1.6829/10

Although at first it appeared as if the Cable was going to ignore presence of the up-trend resistance line, the monthly R2 helped to nullify last week's bullish momentum. Now GBP/USD will probably descend down to the monthly R1 at 1.6632. If the support withstands the selling pressure, the price will re-test 1.6829/10. Alternatively, the rate will be inclined to fall back to 1.6512/1.6461.

The advantage of bearish traders in the SWFX market has become slightly less pronounced, as their portion contracted from 65% to 63%. Still, the overall sentiment is strongly negative with respect to GBP/USD. At the same time, the percentage of sell orders placed 50 pips from the spot has grown from 51% up to 63%.