GBP/USD forces its way through 1.6390

Similarly to EUR/USD, the Cable ignored a notable level and it is now quickly approaching 1.6468/51. Considering weakness of this resistance, the rally is unlikely to stop until the price rises up to the monthly R1 at 1.6545. The bullish momentum may potentially extend the surge towards 1.6745/29, given that the pair is in the long-term up-trend, namely since July of this year.

The distribution between the longs and shorts is currently more skewed to the bearish side than on average during the last 10 trading days, specifically 72% of traders at the moment foresee depreciation of the British Pound (one of the least popular currencies right now) relative to the U.S. Dollar.