GBP/USD preserves upward impetus

Although the Cable has already reached the up-trend it had previously broken, the pair still does not seem to be willing to decline or at least undergo a bearish correction after an uninterrupted rally started on Mar 23. Right now the Sterling is supported by the monthly PP at 1.6635 and the weekly PP together with the 55-day SMA at 1.6590, and most of the indicators on the longer-term time-frames suggest the appreciation is going to persist.

As the price of the Sterling is increasing, so does the percentage of the short positions. At the moment of writing they took up as much as 63% of the market, leaving the bulls in a minority with 37%. In the meantime, 61% of orders are to sell the Pound against the buck.