GBPUSD Closes Flat As Consolidation Continues

GBPUSD

The British pound sterling is seen trading flat as the consolidation near the top end of the rally continues.

The cable has been in a strong volatile ride since late last year due to the Brexit trade talks. This has pushed the currency to test highs above 1.3650.

However, following the gains, price has been trading rather flat. On the short term charts, we see the consistent lower highs forming.

This could result in the descending triangle pattern likely to emerge. If the GBPUSD closes below the 1.3500 level of support, then we expect to see further declines lower.

The cable will most likely move back within the sideways range of 1.3500 and 1.3150 levels.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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