• Impressive seven consecutive daily bull closes for GBP/USD

• New trend high of 1.3292 Wednesday but GBP fell sharply into the close

• A long upper candle shadow highlighting demand fade

• An accelerating trend can also ring alarm bells

• However, tight ranges Wednesday-Thursday: easing the overbought condition

• Daily RSI flat lining at 65.00 and slow stochs poised to cross bearishly

• Short-term adjustment risk but weekly chart still significantly bullish
GBP/USD daily candle chart:

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