The GBP/USD pair has been trading higher since the 29th of January 2016, with the buyers pushing the price from as low as 1.4149 to as high as 1.4446.
On Tuesday, the pair fell down to 1.4327, but found enough support to turn things back around and form a hammer, which is considered a bullish sign. Today, the pair is currently consolidating between the levels of 1.4437 and 1.4387, in anticipation of the U.K. services PMI reading. In the event that the sellers manage to gain control and press the pair below 1.4376, the price could find support at 1.4332 and 1.4277 respectively.
Alternatively, in the scenario where the price attempts to break above the previous high at 1.4446, the pair could rise up to 1.4491 and 1.4535 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.