GBP/USD posts new high at 1.6483

After touching the support at 1.6218/1.6189 GBP/USD received a strong upward impetus. As a result it, pierced through a series of resistances, but did not manage to settle above them, subsequently retreating back below the January high. If, however, the price closes at a level higher than 1.6421/1.6390 in the nearest future, there will be a good possibility of a rally up to 1.6745/29 in the longer-term perspective.

Apparently, many of the traders have taken profits on the recent sharp appreciation of the Sterling relative to its peers, being that the average share of longs on the currency noticeably declined, namely from 39% to 25%. In GBP/USD the number of bulls fell from 43% to 30%.