GBP/USD preserves upward momentum

GBP/USD faced some selling pressure at the weekly R1 level, but the British Pound did not stop the surge, it continues to appreciate at an accelerated pace with respect to the U.S. Dollar. Once 1.6240 gives in, the pair is likely to target 1.6313/1.6297, where the bearish correction should be initiated, though the spikes may reach out for the January high at 1.6390.

The bears have once again enhanced their positions, lifting their share from 69% back to 74% overnight. However, within 100 pips from the price, the difference between the buy and sell orders is minimal, being that the former take up 46% of the total, while the latter—54%.