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.
"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."