11 Jul 2014
GBP/USD continues to consolidate above 1.7100 - FXStreet
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."
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."