The GBP/USD pair continues consolidating near its recent lows, unable to advance beyond the 1.5200 level after the release of mortgage and money figures in the UK.
Worldwide stocks plummeted on Monday, but European equities seem to be in upward correction mode this Tuesday, recovering partially at this time their latest losses, and therefore supporting some advance in the pair.
Technically, the 4 hours chart shows that the price is stuck around a bearish 20 SMA, whilst the Momentum indicator heads higher below the 100 level, and the RSI indicator bounces from oversold level, still well below its mid-line, all of which suggests the upside is still limited. A steady advance beyond 1.5200 may see the pair advancing up to 1.5250, a strong static resistance level, but it will take a clear break beyond it to confirm additional advances, up to the 1.5310 price zone in the short term.
Below this week low of 1.5152 on the other hand, the pair should see a stronger decline, aiming first for a test of the 1.5100/20 price zone, but heading towards 1.5060 later on in the day.
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