The GBP/USD pair bounced modestly from the multi-month lows at
1.3480 but yet bulls are not strong enough to reverse the trend despite the US
dollar lost ground after Trump's decision to withdraw from the Iranian nuclear
deal. Technically speaking the short-term outlook remains neutral to
bearish. On the four hour time frame the price is developing below its 100-day and
200-day SMAs, although is trying to break above the 20-day SMA, which is also
bearish. RSI escaped from the oversold area but yet remains below its mid-line.
Stochastic is giving initial sighs for U-turn and currently is located at 40. The
limited upward potential can not offer much, so the GBP/USD pair is more likely to remain in
consolidation phase within tight range between 1.3480 and 1.3600 until BOE's decision
on Thursday.
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