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GBP/USD: Will Break-Out From 1.6660 Mean A Run at 1.70?

I looked at the long-term picture of the GBP/USD earlier this week, and today saw the pair break through important resistance at 1.6660.

The break-out is an important sign that the bulls remain firmly in control of this pair, after the slide the pair experienced in late January. You can look at the previous article for long-term targets, while the conventional way to look at where the pair may go in the short-medium term might be to measure the height of the recent range and project that from the break at 1.6660. The recent range went from 1.6250 to 1.6660, around 400 pips, so a 400 pip from 1.6660 would target the 1.7060 area.