GBP/USD erodes 1.64

The Cable continues to put considerable pressure on the falling trend-line that has been enforcing bearish outlook since July. But now the currency pair seems to be respecting the accelerated up-trend that can be drawn through the lows posted starting from Sep 9. If the bears at 1.64 fail to stop Sterling's advancement, the current recovery may extend up to another important resistance at 1.65, represented by the 38.2% Fibonacci retracement.

While the sentiment is more or less the same as 24 hours ago (56% of positions are long), there has been a considerable change in the number of commands to purchase the Sterling. Their share soared from 39 to 75%.