GBP/USD To Consolidate

GBP/USD to consolidate. Pair supported by positive investor risk sentiment; but topside limited by worse-than-expected 0.9% fall in Nationwide UK August house price index, decline in UK CIPS construction PMI to 52.1 in August from July''''s 54.1; lingering concerns over negative impact of fiscal tightening on UK economic growth, caution before U.S. jobst data, positions adjustment before weekend. Data focus: 0830 GMT UK August CIPS Services PMI, UK August official reserves. GBP/USD daily chart mixed as MACD bearish, but stochastics bullish at oversold; inside-day-range pattern completed yesterday. Resistance at 1.5455 (yesterday''''s high), then at 1.5491 (Wednesday''''s high); breach would expose upside to 1.5580 (Monday''''s high), then 1.5597 (Aug. 26 high), 1.5620 (Aug. 23 high) and 1.5672 (Aug. 19 high). Support at 1.5348 (yesterday''''s low), then at 1.5325 (Tuesday''''s low, coinciding with 38.2% Fibonacci correction of advance from May 20 low of 1.4230 to Aug. 6 high of 1.6002); breach would expose downside to 1.5123 (July 21 reaction low, matching 100-day moving average and 50% correction), then psychological 1.5000 and 1.4946 (July 12 reaction low).