GBP/USD looking to break out of consolidation GBP/USD looking to break out of consolidation Gary Christie December 16, 2020 9:29 PM Increased volatility is anticipated around BoE rate decision: Chart Share: The US Dollar was bearish against most of its major pairs on Wednesday with the exception of the CAD and CHF. On the US economic data front, the Mortgage Bankers Association's Mortgage Applications rose 1.1% for the week ending December 11th, compared to -1.2% in the previous week. Retail Sales Advance dropped 1.1% on month in November (-0.3% expected), compared to a revised -0.1% in October. Markit's US Manufacturing Purchasing Managers' Index slipped to 56.5 on month in the December preliminary reading (55.8 expected), from 56.7 in the November final reading. Finally, the Federal Open Market Committee (FOMC) decided to keep the Federal Funds Target Rate between 0.00% and 0.25%, as expected.