GBPUSD: still no breakout


The GBPUSD pair has been consolidating recently, and it was trading somewhat lower on Wednesday, hovering at around 1.3880.

It looks like bulls lack the strength to attack the 1.40 level again, but a close above that psychological barrier is needed in order to revive the medium-term bullish trend. 

Till then, the pair is going nowhere, and volatility is drying up - that usually proceeds times of increased volatility and larger price movements. 

The short-term support seems to be at the uptrend line near 1.3850, and if broken down, further decline toward the key medium-term support of 1.3660 could occur. 

Alternatively, the near-term resistance seems to be at this week's highs of 1.3920, with a breakout above possibly sending the cable toward the 1.40 zone. 
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