GBP looks likely to move higher as price rejects the key demand zone. The Commitment of Traders reports highlighted the increase in long contracts from the commercials. This shows that they are happy to buy at current level giving us an opportunity to look for a trend reversal. Technically price is still in a downtrend however we could see price form an inverse head and shoulders pattern or a change in cycle. If the price does form a bullish pattern we can look for long opportunities.