June 4 (Reuters) - FX traders should beware that GBP/USD's momentum reading recently turned positive, in a month where spot usually climbs, increasing the likelihood of the market closing in positive territory in June this year.

GBP/USD performance for each June since 2000 shows it has risen in 16 of the last 26 years, or 62% of the time. Seasonality should not be considered in isolation, but it's a useful tool combined with other factors. The pound was little changed on Thursday as markets remained focused on the uncertain outcome of U.S.-Iran peace talks.

Cable's 14-day momentum reading turned positive on Wednesday, highlighting a shift in technical bias to upside despite Wednesday's drop.

There is scope for GBP/USD to rise to test the May 25 1.3509 peak, a break above which would unmask the 1.3658 May 1 high and then the 1.3700 Fibo, a 76.4% retrace of the 1.6867 to 1.3160 (January-March) drop.
Momentum Chart


Daily Chart


Seasonality Chart


(Martin Miller is a Reuters market analyst. The views expressed are his own)