GBP/USD may re-test Feb high

Though the Cable has just encountered the Feb high, the sell-off from this level turned out to be short-lived. Accordingly, if the weekly PP at 1.6704 stays intact today, there will be an elevated chance of a re-test of 1.6822. Should this resistance give in to the buying pressure, the 2009 high at 1.70 will be exposed. However, given that it is reinforced by the weekly and monthly R2 levels, further advancement will be difficult.

There was no activity observed on the part of the exchange rate, but the portion of traders expecting the Pound to lose value diminished, namely from 60% to 58%. Meanwhile, the share of buy orders soared from 55% up to 69%.