GBP/USD: grappling at the 1.42 handle; bulls reloading?

By FXStreet GBP/USD is currently trading at 1.4217 with a high of 1.4242 and a low of 1.4176.

GBP/USD upside was limited overnight and through the US session as the industrial and manufacturing sectors in the UK economy remain lackluster. Meanwhile, the price is consolidating after the recent highs and sell off, and given the velocity of the supply, the upside for the time being could be offering limited opportunities.

GBP/USD levels

GBP/USD bulls not done yet – UOB

Analysts at UOB Group explained that while the short-term upward momentum has clearly eased, it is too early to expect a mid-term top. “The current movement is likely part of a consolidation phase and as long as 1.4050 is intact, another attempt to move higher to test the major 1.4400 resistance cannot be ruled out just yet.”

“In the 4 hours chart, the pair presents a mild bullish potential with the price also hovering above its 20 SMA, but the technical indicators aiming higher above their mid-lines,” explained Valeria Bednarik, chief analyst at FXStreet.
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Source:: FX Street