GBP/USD continues to trade sideways for the fifth consecutive session. It seems that the pair has been trying to edge higher during this time, especially considering its failure to plunge after a breakout of the long-term channel last week. However, this expected appreciation is restricted by the combined resistance of the 55– and 100-hour SMA near 1.3560. The weekly PP is likewise located nearby.
It is likely that the Pound tries to push higher during the first part of the day. Even if an upside breakout does not occur today, a surge should follow during the following sessions.
Today’s trading range is likely to be wide due to fundamentals. Bullish gains should be capped near the 200-hour SMA at 1.37, while the nearest support is provided by the distant weekly S1 at 1.3417.
