GBPUSD IN CONSOLIDATION MODE
The British pound is starting to consolidate around the 1.2850 level against the US dollar, as traders await the latest news surrounding a potential leadership challenge to UK PM Theresa May. The next technical breakout will likely come if we see the 1.2792 to 1.2883 trading range clearly broken. The MACD indicator on the four-hour time frame continues to move away from extremely oversold trading conditions.
The GBPUSD pair is only bearish while trading below the 1.2792 level, key technical support is found at the 1.2732 and 1.2695 levels.
If the GBPUSD pair trades above the 1.2883 level, key resistance is found at the 1.2930 and 1.3000 levels.