GBP/USD is back on the defence as bears take back control on a day that has been choppy within a wide consolidative range lacking in domestic drivers and focus staying on the Fed, greenback, political risks and trade.

As far as the Fed goes, we have had another series of Fed speakers, with the most attention paid to Fed Chairman Powell’s speech to the Economic Club of Washington early this morning where he had reiterated the “waiting and watching, patient and flexible” message. We also heard from Fed's Bullard and Evans. Bullard said that the Fed had reached the end of the road on rate hikes while Bullard warned that the trade was very real and tangible.

On the Brexit front, PM May has been speaking to Labour MPs and union leaders in a bid to try to get her deal through the Commons, where scores of her own MPs oppose it. PM Abd of Japan visited May today, and she and Abe have pledged to build on the trade agreement between Japan and the EU to secure an "ambitious bilateral arrangement" between Japan and the UK after Brexit.