GBP/USD wallows beneath 1.72

Although at the beginning of the week it seemed that GBP/USD has finally received a strong upward impetus after a test of the 2009 peak, the pair remains unable to surpass this month's highs. Ideally, the Sterling should rise up to 1.74, perhaps even higher, before there is a notable bearish correction, since the currency has been trading within the bullish channel for the past 17 months. But the bullish momentum fails to gain any traction.

There is strong conviction in the market that the Pound is heavily overvalued, being that as many as 73% of open positions are currently short. As for the orders, the amounts of buy (46%) and sell (54%) ones are nearly equal.