I decided to take a slightly longer view on the GBPUSD and analyzed the W1 chart. I usually trade short time frames, but the GBPUSD has been a great trade for my portfolio and I wanted to try a slightly longer view. I think we may see a bigger correction before potentially breaking out above the 1.7000 mark. Take a look at the chart and see if this trade suits your portfolio.
The UK economy is the real golden boy at the moment. If things go to plan, we will be the first to raise interest rates primarily to cool the housing market. So I suspect next year the pound breaks for the moon. A solid haven with high rates may even take it back to 2 to 1.
Technicals do support but with the US primed for the same move it seems like cable has to break 1.6822 before I look at the 1.70 but you are 100% right.