GBP/USD soars through Feb high

GBP/USD has finally accomplished one of its near-term goals, namely a breach of the February high. Consequently, there is a good chance the Pound will stay bullish for a while. The real challenge of the developing upward momentum is likely to start when the currency approaches the 2009 highs at 1.70, also the current location of the monthly R1. But it should not be a surprise if the rally finishes only at 1.7123, the up-trend resistance line.

While there were no noticeable changes in the distribution between the amounts of long (27%) and short (73%) positions, the portion of commands to sell the Sterling plummeted from 61% to 53% compared to the previous figures.