GBP/USD fails to hold the bid tone

By FXstreet.com | July 18, 2014 AAA

FXStreet (Córdoba) - With no much in the data front, the GBP/USD has enjoyed a consolidation phase Friday as investors remain cautious amid geopolitical issues and ahead of the weekend.



The GBP/USD bounced from an Asian session low of 1.7082, but the recovery was capped by 1.7116, forcing the pair back below the 1.7100 mark. At time of writing, the GBP/USD is trading at 1.7095, virtually unchanged on the day.



GBP/USD technical outlook



“The intraday bias continues to be negative below 1.7120 minor resistance and the lack of proper reaction above 1.7080 switches the outlook to bearish, for a break through 1.7060 key level, en route to 1.6910”, said Stoyan Mihaylov, analyst at DeltaStock.com. “Crucial on the upside is 1.7150”.



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