GBP/USD gained foothold above monthly PP

GBP/USD ignored the resistance at 1.6089/66 and continued to climb en route to the main resistance area at 1.6273/37, as indicated by the majority of weekly technical studies. Considering that there are no significant resistances overhead except for the weekly R1 at 1.6118, the currency pair could climb another 100-150 pips before giving in to the selling pressure once again.

While the sentiment in many of the most traded currency pairs remains static ahead of the major events, the attitude of the traders towards GBP/USD is changing. Within the last 24 hours the percentage of short positions on the currency pair has increased from 60% to 64%.