GBP/USD extends the previous day’s sluggish momentum and trades quietly on Tuesday morning. After testing the high of 1.3888 on Friday, the pair continued to remain submissive near 1.3850.

The sterling has been influenced by a combination of other factors ranging from risk appetite to covid and Brexit headlines, despite the surprise call from the Bank of England (BOE).

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In the shape of a hammer candlestick formation (bullish signal), supply-turned demand at $1.3629-1.3456 on the weekly timeframe stepped forward in July. The aforementioned zone, as you can see, remains active, welcoming an additional test mid-August. Yet, pattern traders will also note August’s move closed south of a double-top pattern’s neckline at $1.3664, consequently broadcasting a bearish warning.

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