The GBP/USD rallied into major resistance and 5+ year highs at 1.7040, tripped a 127% extension at 1.7060 (not shown) all while diverging on RSI. The pair looks set to pull back after the BOE’s inflation report hearings earlier today.

Blake Morrow

Chief Currency Strategist, Wizetrade

Disclaimer: I did short the GBP/USD earlier in the session close to 1.7000 and plan on holding for the next few days.