GBP/USD holds pretty well above 1.7100 - FXStreet

FXStreet (Łódź) - As FXStreet Chief Analyst Valeria Bednarik notes, GBP USD fell somewhat after the release of worse than expected UK trade balance numbers but holds pretty well above 1.7100 despite dollar intraday strength.

Key quotes

"The hourly chart shows indicators exhausted to the downside near oversold levels and turning back north, while 20 SMA stands flat above current price."

"In the 4 hours chart the technical picture is mild bearish, with risk to the downside limited by 1.7060, 23.6% retracement of the latest bullish run."