Nothing stings like a short-covering rally and that is what is afoot in GBP/USD this afternoon. The pound is among the most reviled currencies (along with its American cousin) on the planet these days as the BOE fights off deflation and the financial services sector continues to struggle. Like a beachball pushed below the water, when it rises to the surface, it does so fast, and often makes waves i the process. Having cleared 1.6300 resistance, it now eyes the 1.6380 areaUSD.