The GBP, clearly overbought, has suffered of late, but it's still the strongest ccy, and, after a little rest, it should resume, whereas the USD - exactly the opposite. :-)
So, it is possible that this up trend is bound for 1.7000, esp. given the volatility expansion, prior volatility overshoot, the no-overlap condition of the current rally, new daily, weekly and monthly highs.
Otherwise, the up trend may resume later on, upon the rebound off the black bull trend line. In case it failed too, there's strong support at 1.6250.
So, it is possible that this up trend is bound for 1.7000, esp. given the volatility expansion, prior volatility overshoot, the no-overlap condition of the current rally, new daily, weekly and monthly highs.
Otherwise, the up trend may resume later on, upon the rebound off the black bull trend line. In case it failed too, there's strong support at 1.6250.