British Pound Holding Support Line

he US dollar has slipped following its Thursday advance. Of note is the GBPUSD, which continues to hold above a support line extended from October and November lows.

The GBPUSD has been in a consolidation mode since late May. Price has traded in a wide 1300 pip range since then in what could be corrective (continuation of strength) or distributive (reversal of strength). A support line drawn off of the 10/13 and 11/3 lows has held. 1.6710 is short term resistance. At this point, I do not see a clear trade although it should be noted that shorting does not look wise as long as the support line is intact.