The fewer shorts tell me people are slowing reducing their exposure. With that strategy, the slower the better for the seller. Makes sense with the trading activity. With the recent high of 1.25, the sellers might try to push it down to 1.15 then let it slowly climb back to their 1.25 top. If they let it go to 1.30 or more, they would probably be happier as the movement would increase buying activity and make it easier to achieve their objective.