FXStreet (San Francisco) - The GBP/USD was unable to break above the 1.7000 area and after rejecting this level, the Cable is now trading down at 1.6975.



Currently, GBP/USD is trading at 1.6979, up 0.03% on the day, having posted a daily high at 1.7003 and low at 1.6973. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.



GBP/USD Sentiment



"Cable's spent the last couple of sessions in a quiet consolidation below 1.7000. A move above that level would be the first sign of trouble for the shorts. Above 1.0725 , where we have a downtrend drawn off the 1.7190 top is probably the area to throw in the towel and regroup."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD: Looking for a break below 1.5680 – Scotiabank

  2. Forex News

    GBP/USD consolidates around 1.5750 amid mixed US data

  3. Forex News

    USD/JPY sellers exhausted? – BBH

  4. Forex News

    GBP/USD rises to session high of 1.5749

  5. Forex News

    Recent USDOLLAR Uptrend Under Pressure as World Waits on Greece

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!