GBP/USD is struggling to maintain a foothold above 1.7000. the new high of 1.7011 has not been confirmed by the daily RSI and currently we would allow for a small retracement. Dips lower are indicated to terminate ahead of 1.6945/05 for an attempt on the 1.7041/51 2009 high, 2005 low. The risk has increased for a break above here and possible gains to the 50% retracement at 1.7330 (from 2007 peak) on a close above 1.7051.
Below 1.6890 would alleviate immediate upside pressure but only below 1.6672 (15 April low) will negate it.
Current trade: None Recommended Trade:. Attempt longs on dips to 1.6945, 1.6905, stop 1.6840. Exit 1.7040.
Shorter term (1-3 weeks): Bid above 1.6672
Medium term (1-3 months): Neutral
CB