GBP/USD continues to consolidate above 1.7100 - FXStreet

By FXstreet.com | July 11, 2014 AAA

FXStreet (Łódź) - FXStreet Editor Ani Salama observes that GBP/USD consolidation above the 1.7100 level continues on Friday.



Key quotes



"The Cable staged an upside attempt at the beginning of the European session in a bout of dollar selling, but lacked follow through and pulled back after hitting a high of 1.7150 and is on track to close the week in negative ground after 5 consecutive weeks of gains."



"Technically speaking, short-term indicators remain flat in neutral territory giving no signals for the upcoming hours."



"However, from a broader perspective, the GBP/USD maintains a bullish tone as daily indicators correct from overbought readings."



"Last week’s 6-year peak of 1.7178 stands as immediate bullish target, followed by 1.7200, although the pair is not likely to reach those levels today."



"On the other hand, a break below 1.7085 could signal a deeper correction towards 1.7050 (50% Fibo of 1.6919/1.7178). A loss of this latter could delay the bulls."



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