GBPUSD - We continue to claim that the British Pound is headed for further recovery against the US dollar, as sentiment had clearly reached extremes on GBPUSD declines. Such dynamics are visible in our recent GBPUSD COT Analysis and increased financial media attention on GBP weakness. We wrote recently, “A rally through 1.7705 would signal that the short term trend is up.” The next noteworthy resistance mark now becomes previous spike-highs at 1.7978.