GBP/USD remains supported by 1.6770 level

GBP/USD remained supported by the 1.6770 (S1) barrier. Nonetheless, the negative divergence between our momentum studies and the price action is still in effect, thus I would expect further consolidation or a retracement. A clear dip below the 1.6770 (S1) support may confirm the aforementioned divergence and would probably trigger extensions towards the 1.6700 (S2) obstacle. In the bigger picture, the currency pair remains within the purple upward sloping channel, keeping the long-term uptrend intact.

•Support: 1.6770 (S1), 1.6700 (S2), 1.6600 (S3). •Resistance: 1.6840 (R1), 1.6885 (R2), 1.7000 (R3).

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