GBP/USD is in a consolidation period

GBP/USD has been pivoting around the 1.30 area since mid-October and technical charts suggest that it could be fast approaching a break-out according to analysts at Rabobank.

Triple trouble for the pound – UK Retail Sales for December have badly disappointed with a fall of 0.6%, far worse than an increase that was expected. Moreover, To add insult to injury, it came on top of a downward revision to November's numbers.

GBP/USD bulls had been frontrunning the figures and pushing the pair higher – and now find pound/dollar down nearly 70 pips from the highs of 1.3118.

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