GBP/USD gains for fifth consecutive day

GBP/USD closed yet another day in green by breaching the weekly R2 at 1.6609. Accordingly, there is a good chance the currency pair will move towards 1.6712/1.6679 next, the area that should provide more resistance than its predecessors, since it is reinforced by the long-term up-trend. Additional supply is supposed to be near the monthly R2 at 1.6809.

While EUR/USD traders were reluctant to alter their positioning, the Sterling was sold with much more enthusiasm—the percentage of short positions soared from 64% up to 73%. Speaking of orders placed on the Cable within 100 pips from the spot, the amounts of buy and sell ones are still equal.