GBP/USD has not left the 1.3215/1.3310 range for three consecutive sessions. This has been mainly due to the 55– and 200-hour moving averages which have pressured the Pound from both directions.
The former has guided the pair for the last trading session; thus, it might continue doing so today, as well. However, traders should consider the 100-period (4H) SMA which is strengthening the upper range boundary.
In case this resistance is breached, the pair should target the 200-period SMA, the weekly R1 and the upper boundary of a two-month descending channel near 1.3350.
Conversely, a failure to move above 1.3310 is likely to result in the Sterling remaining in the above range and continuing to trade sideways, as the 1.3215 level is showing some strong support.
