GBP/USD Consolidates

The Sterling is consolidating against its major rival - the US dollar. The pair was steadily rising just before UK data was announced on Tuesday, turning the pair's direction. GBP/USD went from 1.4770 to 1.4460 and is now consolidating at the level of 1.4500.

The 1.45 level is seen as prior pivot point so it's too early to define a direction. Bears will try to take it below the support line at current market price, while bulls will try to beat prior high of 1.4770.

The best you can do is stay out of this pair while it picks up a direction. Low volumes suggest that a big move is coming.