FXStreet (Córdoba) - The GBP/USD remains in consolidation mode Tuesday, unable to set a short-term direction and hovering just below 1.6600.

In the absence of first-tier economic data and despite UK traders rejoining the market after a national holiday, the Cable has failed to gather pace and continues to mark time near a 5-month low of 1.6535 scored at the weekly opening. At time of writing, the GBP/USD is trading at 1.6577, unchanged on the day.

During the New York session, the US will release durable goods orders and consumer confidence data which may wake up the dollar, which is taking a breather following sharp gains across the board.

GBP/USD technical outlook

"Considering the pair is trading at a 5-month low, after a steady 7 weeks slide, some may consider an interim bottom is under way", said Valeria Bednarik, chief analyst at FXStreet. "But the fact is that is too early to think about it, more with price unable to pick up: the dominant trend is still bearish, and current consolidative stage is more a pause, looking for a trigger, than a sign of clear exhaustion".

Related Articles
  1. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  2. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  5. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  6. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  7. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!