GBP/USD's rally is challenged by 1.6102/1.6083

Although the buying pressure continues unabated, the supply area at 1.6102/1.6083, created by the weekly PP, 20-day SMA and a trend-line, is not letting the price to rise and thereby to enter the upper part of the upward-sloping channel. Still, according to the near-term technicals, the bulls should come out on top and push the pair towards the January high at 1.6390.

Right now 38% of traders reckon that the Sterling will be able to outpace the U.S. Dollar, but a majority is leaning towards a different scenario, namely a decline of GBP/USD, deeming that the bullish impetus has already run its course.