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Hugo in HTO Trading,

GBPUSD: Testing the neckline of the inverted head and shoulders

The US dollar has slumped lower on yesterday session after the US durable goods numbers missed expectations (the headline number at -1.3% vs. Exp. 0.5%), with the USD seeing notable weakness as a result.

Today on the economic agenda from the U.K we have the consumer credit that is expected to fall from £0.898B to 0.800B showing some contraction in consumer spending . From the U.S we have the Fed interest rate decision and monetary policy that is estimated to stay unchanged.

GBPUSD initially consolidated around the 1.6100 handle and rose on the US session testing the neckline of the inverted head and shoulders pattern and closing above the 10 day moving average showing signs of strength to the upside.

Expecting upward move to 1.63251 on a break of above previous day high at 1.6182 (scenario 1).