GBP/USD consolidates the heaviest jump since May 27 below 1.4200, around 1.4175 amid the early Asian session on Friday. The cable cheered receding pessimism over the Brexit and the US dollar weakness the previous day. However, bulls turn cautious ahead of multiple catalysts scheduled for publishing during the day.
The GBPUSD technical analysis of the price chart on a 1-hour timeframe shows GBPUSD: H1 is rebounding to test the 200-period moving average MA(200) which is declining. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.4154. A level above this can be used as an entry point for placing a pending order to buy.
