Multiple factors pulled the British pound to its lowest level for the month of June in the last week. It fell over 1.4% against the US dollar and remained one of the worst-performing major currencies. Since then, bulls are struggling near the 1.2110 level and GBP/USD is stuck in a consolidation zone. According to financial analysts, investors are waiting for the third installment of an interest rate hike from the US Federal Reserve, as this would provide some directional momentum to GBP/USD in the near term. Watch out for a slow and steady breakdown after the FOMC meeting minutes as bears are still in control.
