GBP/USD targets 1.70

The Pound preserves the upward momentum and it seems to be well-positioned to launch an attack on the 2009 highs once the weekly R1 is out of the way. And while the weekly and monthly technical studies are presently bullish, the currency pair is unlikely to move far beyond 1.70. There is a high chance that the price will soon top out and change the direction. The focus will then shift to 1.6776/35—monthly PP, 55-day SMA and up-trend.

Substantially more traders than 24 hours ago believe that the Sterling has already reached the ceiling—the share of short positions increased from 60% to 65%. Concerning the sell orders, they also take up the bigger part of the market—66%.