GBP/USD continues to consolidate above 1.7100 - FXStreet

By FXstreet.com | Updated July 30, 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."



You May Also Like

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: Will Fed and Greek Elections Keep FX Volatility Boiling

  2. Forex News

    Dollar and S&P 500 Traders Hold Breath for Fed Decision

  3. Forex News

    Cable at A Remarkable Consistent Down Trend Since July of 2014

  4. Forex News

    British Pound Likely to Rally if Critical US FOMC Meeting Disappoints

  5. Forex News

    UK facing key events next week - TDS

Trading Center