GBPUSD has gone into a consolidation phase after having declined below 1.1400 in the European session. The risk-averse market atmosphere helps the US Dollar holds its ground as the focus shifts to the US October inflation data.

GBPUSD broke below the 100-period Simple Moving Average (SMA) on the four-hour chart on Wednesday and closed the last five four-hour candles below that level. Meanwhile, the Relative Strength ındex (RSI) indicator on the same chart retreated below 50, confirming the bearish tilt in the short-term technical outlook.

On the downside, 1.1340 (static level) aligns as initial support before 1.1300 (psychological level) and 1.1280 (200-period SMA).

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