GBP/USD preserves near-term bullish bias

GBP/USD, while trading below 1.69, is struggling to resume the rally. However, considering that the currency pair is well-supported and most of the long-term indicators are bullish, there is a good chance for a surge up to 1.70, namely the 2009 highs. However, in case this scenario does not turn out to be true, there is enough room for a sharp decline, down to the rising trend-line at 1.6654/24, where it merges with the 100-day SMA and monthly S1.

While the sentiment with respect to GBP/USD is the same as the sentiment with respect to EUR/USD, the distribution between the buy (51%) and sell (49%) orders is significantly different. Here the gap between them is minimal.