The pound sterling has been trading flat over the past few days. The Brexit narrative has taken a backseat, especially in light of the US-China trade war. UK’s PM Boris Johnson expressed confidence that European officials will be flexible in negotiating a Brexit deal. On the economic front, the quarterly GDP report, manufacturing, and industrial production numbers are on tap today.
Upside Bias is Building Up in GBP/USD
GBPUSD could be seen building an upside bias. This comes as the recent consolidation near the lows has formed a wedge pattern. A breakout to the upside from this consolidation pattern could signal further gains. The pair could be looking to correcting towards 1.2400 level at the very least. A close below 1.2126 will, of course, invalidate the upside bias.
