GBP/USD aims for 1.69

Instead of falling down to 1.65, the upward-sloping support line, following an encounter with the upper edge of the rising wedge pattern, the Cable was able to stabilise near 1.66 and revive the upward momentum. If the bullish tendency persists, GBP/USD will soon meet the interim resistance at 1.6807, which is likely to be breached. However, there are still few chances that the price will manage to break 1.6881/53 as well.

Overall the SWFX market is not supporting further appreciation of the Sterling relative to the U.S. Dollar. This is evidenced by the distribution between the long and short positions—35% and 65% respectively.