• Pound loses upward momentum, consolidates against dollar

• GBP/USD beginning to struggle to make further headway

• Modest bounce Friday following three-day pullback from 1.3445 high

• Daily Bollinger bands are narrowing: points to reduced volatility

• A minimum correction of the 1.2712-1.3445 rally met at 1.3272

• Next Fibonacci retracement of that move at 1.3165

• Fourteen day positive momentum fading but RSI is rising

• Sterling's advantage holding while above 1.3234, April 23 low
GBP/USD daily candle chart:

(Peter Stoneham is a Reuters market analyst. The views expressed are his own)