GBP/USD has been testing a historically pivotal area around 1.7040-1.7170 but has failed to sustain a rally through there, notes Citi FX Technicals. "Monthly momentum is now the most stretched it has been in over 25 years. Daily momentum has now crossed lower from the most stretched level seen this year," Citi adds. "The UK economic recovery appears to be taking hold..However, all that information appears to be priced into the currency pair. None of the recent GBP-positive data or commentary has led to an accelerated move higher through resistance, suggesting that GBPUSD may be overbought," Citi projects. "At this ... (full story)