GBP/USD Price Forecast – British Pound Continues to Test Top of Minor Consolidation.

The British pound has rallied a bit during the course of the trading session on Wednesday as we continue to test the consolidation area built around the 1.35 level.

The British pound has rallied ever so slightly during the trading session on Wednesday to continue the consolidation area around the 1.35 level. This is an area that will continue to be very noisy, as the 200 day EMA is sitting just above, the 1.35 level has a lot of psychology attached to it, and of course the 50 day EMA sits underneath and is curling higher. In other words, we are the midst of a “technical squeeze”, but that typically leads to a bigger move once inertia gets released.

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