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GBP/USD Stays In Trading Range Between 1.5894 And 1.6259

GBP/USD Stays In Trading Range Between 1.5894 And 1.6259

The GBP/USD stays in a trading range between 1.5894 and 1.6259. As long as 1.5894 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise towards 1.6600 is still possible after consolidation. On the downside, a breakdown below 1.5894 support will indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.

GBP/USD Hourly Chart” title=”GBP/USD Hourly Chart” width=”400″ height=”300″ />

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