The GBP/USD pair continues to trade in a tight limited range, consolidating its latest gains above the 23.6% retracement of its latest bullish rally around 1.5640, having bounced quickly from the level after testing in with the European opening.
The 4 hours chart shows that the 20 SMA stands horizontal well below the current level, in the 1.5580 region, whilst the technical indicators are turning slightly lower well into positive territory, rather reflecting the ongoing consolidation than suggesting a bearish move. Should the price accelerated below the mentioned 1.5640 level, the pair can correct lower, towards the 1.5580 price zone, while a break below this last can see the pair extending down to 1.5535, the 38.2% retracement of the same rally.
The 1.5700 level continues to cap the upside, so it will take a break above it to confirm additional gains towards the 1.5730/40 price zone, in route to this week high of 1.5814.
View live chart of the GBP/USD
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