GBP/USD plunges beneath monthly pivot point
![technical-analysis-onestopbrokers](https://www.onestopbrokers.com/wp-content/uploads/2014/02/technical-analysis-onestopbrokers-685x300.png)
Pair’s Outlook
At first it looked as if the Sterling is going to continue the advancement seen last week. However, despite the bullish technical signals on the weekly and monthly time-frames, the price declined, being unable to withstand the selling that was triggered after a test of the upward-sloping resistance line. The Pound is likely to remain under pressure until it reaches the support at 1.6590, which is created by the weekly PP and 55-day SMA.
Traders’ Sentiment
The share of the SWFX market participants believing the British Pound is going to lose value against the U.S. Dollar increased, namely from 63% to 66%. At the same time the number of sell orders fell, from 61% to 57%.
Source: DukascopyBankSA