To dream of a pencil represents situations that are temporary, or beliefs that can be changed if needed. It may also reflect issues that you are open to negotiating with. Temporary ideas or feelings about being open to changing your plans. Situations or ideas with a lack of permanence. Intentionally not making an idea, choice, or situation permanent. Ideas or actions that are not serious.
Negatively, a pencil may reflect your anxiety about taking serious action or making serious decisions. Keeping a plan in a state of brainstorming. Dishonest plans that are not serious so that you can avoid embarrassment if something goes wrong. Impermanent plans you are nervous about carrying out for real. Temporary solutions to problems with no long-term plans. Hesitancy to be serious about some area of your life.