Sasha Singh
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GBPUSD : Will it Extend or Trim its Losses After US Data?

GBPUSD is trimming its losses ahead of the US economic data (Consumer Confidence and New Home Sales). During the European Session the pair posted some losses due to the weak Inflation data. 

The Office for national Statistics showed that the CPI Index declined to 1.7% in February in line with the economist’s expectations. January was the first time in more than four years when U.K. inflation rate fell below the target rate of the central bank. 

On the hourly chart, the pair seems like consolidating within a symmetrical triangle according to which the pair may break out from either support or resistance depending on the US data due for release at 10:00 AM EDT.The pair is currently  trading close to five weeks low.