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GBP/USD stretches to fresh highs

FXStreet (Córdoba) - GBP/USD is going through a consolidation phase Tuesday, with trading subdued given the US holiday and ahead of the BoE inflation report and UK employment figures due out Wednesday.

GBP/USD spent the last sessions in a 20-pip range, but picked up momentum and stretched to fresh daily highs as the greenback takes a step back. Cable reached a peak of 1.5873 in recent dealings and it was last up 0.17% on the day at 1.5867.

GBP/USD short-term outlook

Technically, the pair holds a mild negative tone, according to Valeria Bednarik, chief analyst at FXStreet. “The base of the latest range stands at 1.5820/30 so it will take acceleration through it to confirm further declines towards the 1.5770 price zone”, said the analyst. “Above 1.5870 on the other hand, price may surge up to recent highs around 1.5920, but further gains are unlikely for the upcoming 24 hours”.

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