Contrary to the slight period of consolidation which began mid-Monday, the GBP/USD exchange rate was shaken by a strong sell-off during the following session. The pair plunged 1.04% in six hours just to be followed by another surge towards the 1.42 area.
Given that the Pound is once again located above the 55– and 100-hour SMAs, it seems that this currency could once again be set for a surge towards the 1.4313 mark—its highest position since the Brexit vote. Thus, the pair is likely to edge higher during the following hours. The monthly and weekly R1s near 1.4260, however, might hinder or even halt the pair in the same manner as on Monday.
Meanwhile, the US is to release its final GDP figures at 1230GMT. In case of bearish pressure, 1.41 is unlikely to be breached.
