GBP/USD eyes 2009 highs

The Cable ended yet another day in green after breaching the weekly R2 level. Now GBP/USD is facing its successor, the weekly R3, at 1.6917. Once this resistance is overcome, the 2009 highs will most likely become the next target. But the selling pressure there is expected to initiate a bearish correction down to the February peak at 1.6822 before allowing a re-test of 1.70 and an attempt to pave the way for a surge up to 1.7123.

The distribution between the longs and shorts is the same as 24 hours ago, when it was heavily skewed in favour of the former—74%. At the same time the amounts of buy (49%) and sell (51%) commands are nearly equal.