FXStreet (Edinburgh) – The sterling is following the broader consolidative pattern on Wednesday, taking GBP/USD to the area of 1.5640.
GBP/USD concentrated on key UK releases
The pair continues to consolidate the recent breakout of the 1.5600 handle and trading in 4-week tops just below 1.5650. The current upside momentum in the pound will be put to the test today following the monthly report on the UK labour market and the publication of the BoE minutes.
Consensus sees the Claimant Count decreasing by 12.3K in May and the Unemployment rate staying put at 5.5% in the three month ended in April. In addition, the BoE is expected to repeat the 9-0 voting pattern in favour of leaving the current monetary status quo.
GBP/USD key levels
At the moment the pair is retreating 0.08% at 1.5635 with the next support at 1.5542 (low Jun.16) followed by 1.5488 (200-d MA) and finally 1.5468 (low Jun.12). On the flip side, a break above 1.5655 (high Jun.16) would open the door to 1.5663 (76.4% of 1.5815-1.5170) and then 1.5700 (high May 21).
(Market News Provided by FXstreet)