GBP/USD's surge obstructed by 1.6343/36

Yesterday's attempt of GBP/USD to rise beyond 1.6343/36 turned out to be unsuccessful, but the currency pair still appears to be willing to move north, en route to the 2011 high at 1.6745/35. However, it will then have to overcome the January high at 1.6390 and 1.6554/46, both of which are formidable resistance areas. In case of weakness the supports at 1.6219/04 and 1.6179/39 should aid the price in resuming the rally.

While the traders in EUR/USD are reluctant to change their positioning, the portion of bulls in GBP/USD, even though still relatively small, has substantially increased, from 25% to 36% only within the last 24 hours. Speaking of orders, 55% of them are to buy and 45% are to sell the Sterling.