GBP/USD preserves bullish momentum

Being supported by the rising trend-line the Cable has launched yet another attack on the Jan high at 1.6390, even though the technical studies stayed largely mixed. As soon as this level is broken, there will be only two significant resistances left to overcome in order to reach 1.6745/15, namely 1.6477/64, which is created by the rising resistance line and weekly R1, and 1.6554/50 (monthly R1).

The gap between the numbers of bullish and bearish market participants has notably decreased since the last report, being that the percentage of long positions soared up to 34% from 27%. Nevertheless, the sentiment is still strongly bearish towards the Great British Pound.