GBP/USD stands in proximity to Feb high

GBP/USD stays dangerously close to the February high. Moreover, most of the technical studies are giving ‘buy' signals, suggesting the supply at 1.6822/14 is not going to manage to stop the currency pair from advancing further. If this resistance is breached, despite being reinforced by the monthly R1, then the 2009 highs at 1.70, which are currently guarding the upper trend-sing line of the bullish channel, are to become the next target.

The percentage of bears in the market is not returning to more familiar levels, but stays elevated at 71%, meaning the sentiment is strongly negative. At the same time, 62% of orders placed 100 pips from the spot price are to sell the Sterling against the buck.