So you are wondering if GBP/USD has posted a premature top at 1.7042? What is the short term outlook for Sterling Pound? I would delay the answer to the first question until after we see the speed and extent of the anticipated recovery from between 1.6740 and 1.6760. If you have been short from above, then you should take some profits down there and reinstate on the recovery. If you are looking to play from the long side from 1.6755, then place stops below 1.6730.
Good luck. Ramki