GBP/USD may dip to monthly PP
![130946-thumb](https://www.onestopbrokers.com/wp-content/uploads/2014/05/130946-thumb.jpg)
Pair’s Outlook
The Cable is currently experiencing difficulties overcoming the weekly pivot point, which did not let the Pound to appreciate further. Accordingly, the nearest future could be associated with a sell-off that should be limited by a strong support area between 1.6776 and 1.6735. Later on, however, there is a high chance of a recovery, considering that a majority of the technical indicators on the weekly and monthly time-frames are bullish.
Traders’ Sentiment
The gap between the bullish and bearish traders narrowed even further. Now the latter take up 59% of the market instead of yesterday’s 63%. As for the orders, most (63%) of them are set to sell the Sterling against the greenback.
Source: DukascopyBankSA