GBP/USD pushes through Feb high

GBP/USD's foray into the zone above the February high yesterday was not fruitful and the resistance at 1.6822/14 still remains intact. But the sell-off did not ensue and most of the technical indicators are currently bullish, meaning this level could be eroded in the nearest future regardless of its resilience during the last two months. If this is the case, the rally will be set to extend up to the 2009 highs at 1.70.

Five days ago the advantage of the shorts (58%) over the longs (42%) was minimal, but at the moment they take up a substantial majority, namely 74%. Meanwhile, the distribution between the buy and sell orders is 40% and 60%, respectively.