GBP/USD closes above 1.6415/1.6355

After many days of struggle GBP/USD has finally breached the resistance represented by the January high. Accordingly, the price is likely to continue to increase and the next major objective for the currency pair will be 1.6745/35. However, the resistances at 1.6503/1.6497 and 1.6454/54 still stand in its way and may delay development of the rally.

Judging by the percentage of long positions in the crosses of the Sterling, right now the British Pound is the least preferred currency, being bought in merely 27% of cases. The situation in GBP/USD is even more negative—only 25% of positions imply appreciation of the U.K. currency.