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Because of the formidability of the support at 1.67 GBP/USD was able to launch a successful attack on 1.70 and thereby prolong the bullish channel it has been forming since the first days of June.
Right now the currency pair is facing the resistance at 1.7073, represented by the yesterday's high and daily R1, but in the end it should be able to reach the upper boundary of the pattern at 1.7125. In the meantime, the support at 1.70, represented by the daily S1 and up-trend line, safeguards the bullish outlook, but there is also a dense demand area just above 1.69, created by the daily S3, Jun 18 low and 200-hour SMA.
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