GBPUSD AT CONSOLIDATION: WHAT NEXT?

GBPUSD AT CONSOLIDATION:The pair had been in a ranging mode on a 4hrs chart, touching the resistance level @ 1.30150 on a 4hrs chart, while we wait for a retest at the resistance level for price to drop to our support level @ 1.27539 .....

Given the recent decline in the UK PM’s public favorite status, the GBP/USD pair extends weakness as it trades around 1.2915 at the London open on Wednesday.

The pair reversed from monthly high on Tuesday as upbeat housing market data from the United States (US) and the US Federal Reserve (Fed) policymakers John C. William’s sustained support for the current monetary policy pleased the greenback buyers.

The US dollar (USD) extended its gains on Wednesday amid fresh risk-off followed by the US-China tussle over the Hong Kong bill. The risk-tone also weighs down amid on-going protests in Hong Kong and Israel.



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