The GBPUSD made another volatile but indecisive movement yesterday, convince me that we are in consolidation phase with unclear direction, and we should keep stay away from this pair for now. On h4 chart below we have a triangle formation indicating consolidation. We need a break from the triangle to find clearer direction. A breakout from the triangle should trigger further bullish scenario re-testing 1.6700 even 1.7042 area while a breakdown should lead us back towards 1.6000 area. Immediate support at 1.6380. Break below that area should trigger further bearish momentum towards 1.6260 area. Initial resistance at 1.6488. Break above that area should trigger further bullish momentum towards 1.6700 area.
On fundamental side, beside UK’s PMI number today, the FOMC is going to announce the interest rate. While it’s more likely that they will leave funds rate unchanged at