GBP/USD is poised for more gains

Yesterday the Cable managed to close above the weekly R1, though does not seem to be willing to advance farther at the moment, also considering absence of any distinct signals provided by the daily and weekly technical indicators. Nevertheless, proximity of the up-trend line that may be drawn through the local lows, such as the ones reached on Jul 9, Aug 2 and Aug 28, the pair retains bullish potential in the medium term.

The British Pound is currently one of the least preferred currencies in the market (merely 31% of all the positions in its crosses imply Sterling's appreciation). The similar attitude is towards GBP/USD, where only 29% of open positions are long, but an overwhelming majority of positions belong to the bears.