GBP/USD gains toehold above 1.70

Even though the major resistance has just been broken, the Cable remains hesitant to extend the rally. However, a majority of the daily and monthly indicators are giving ‘buy' signals. Consequently, the pair should eventually gain upward momentum and then reach the upper boundary of the bullish channel at 1.74. But this path is going to be obstructed by some significant resistances, such as the monthly R2 and R3 at 1.7117 and 1.7238 respectively.

The sentiment towards the British Pound is extremely bearish, being that three out of four SWFX market participants expect the currency to lose value against the U.S. Dollar. Concerning the orders, the share of the sell ones dropped from 66% to 59%.