FXStreet (Łódź) -FXStreet Chief Analyst Valeria Bednarik points out that following a GBP/USD spike up to 1.7050, gains have been quickly erased and the price was steady around early European opening.

Key quotes

"The 4 hours chart shows price consolidating near the 5-year high posted mid June, within a symmetrical triangle."

"But technical indicators maintain a neutral stance, with price above a flat 20 SMA and indicators resting above their midlines."

"And while the upside remains favored, a break above 1.7060 this year high, is required to confirm some upward momentum in the pair, eyeing the 1.7100 figure."

"The base of the figure stands at 1.6975, albeit only below 1.6950 the pair could see a stronger move lower, down to 1.6910 for this last day of the week."

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Forex pairs in this Article » GBP/USD

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