GBP/USD approaches 2009 peak

The Cable is coming off the recent highs, seeking support that could help restore the lost bullish momentum. The nearest such level is 1.7094/81—weekly S1 and 20-day SMA, but we would rather look at the 2009 high as a more probable reversal point. Here the pair will be in a good position to start a recovery, which is currently implied by the majority of daily and monthly technical studies and should stretch up to 1.74.

While the distribution between the bulls and bears stays more or less the same—28 and 72% respectively, the percentage of the buy orders has dropped significantly 50 and 100 pips from the spot—10 21 and 10 percentage points accordingly.