GBP/USD stands confused at Feb high

The Cable remains unable to realise its bullish potential implied by the technical indicators because of the tough resistance at 1.6846/14. If it is eventually overcome, there will be a good opportunity for the Sterling to revisit 1.70, where it was back in 2009. But the advancement could also carry on further, towards the upper trend-line of the bullish channel GBP/USD has been trading within since the beginning 2013, except for Q3 of the same year.

The traders' sentiment with respect to GBP/USD stays explicitly bearish, since as many as 74% of open positions are short. In the meantime, the relative number of sell orders is growing—100-pips from the spot price their share increased from 54% to 61%.