Currency traders are keeping a close watch on the GBP/USD pair this Wednesday, as it navigates a narrow trading range around the critical 1.3500 psychological mark during the Asian session. After a notable retracement from its highest level since September 18 yesterday, the Cable appears to have found a temporary equilibrium, stalling its previous slide.
This consolidation phase suggests a moment of reflection in the market, with neither bulls nor bears able to firmly seize control. For now, the pair seems to be catching its breath, absorbing the prior day’s movements.
The current calm, however, is likely the prelude to renewed volatility. All eyes will undoubtedly be turning towards the upcoming US macro data releases. These key economic indicators are anticipated to provide the fresh impetus needed to break this current deadlock and dictate the next significant move for the GBP/USD pair. Traders will be scrutinizing the figures closely, looking for signals that could either fuel a rebound or reignite selling pressure.
Source: Original Article
