The pound consolidates as the unemployment rate falls to 4.7% in the three months to April.
The pair has found support at the lower range of its horizontal consolidation (1.4040). This demand zone from the daily chart is critical in keeping the bullish trend intact.
An oversold RSI at this level may have prompted the bulls to buy the dip. 1.4125 from the latest sell-off is the immediate resistance. Its clearance could pave the way to the peak at 1.4250.
On the downside, a breakout could trigger a sell-off towards 1.3900.
