GBP/USD has failed to gain momentum ever since it touched the recent high at 1.3482. Currently, the pair is trading at 1.32067 and the overall movement seems to be locked in the range of 1.3180 and 1.3290. The immediate support is at 1.3180 while other supports are present at 1.3133 and 1.31000 levels. The intraday resistance is at 1.3241 another resistance is present at 1.3177.
The current market price is slightly below the mid-Bollinger band. However, The SMA-21 is indicating support at 1.3186 and the SMA-50 shows a support level at 1.2929. The RSI is above the neural level (57) but not strongly bullish. The MACD is also above the zero lines but shows no sign of divergence or a crossover. The price pattern seems to be locked in the narrow range and the pair can be traded on both sides. An ideal intraday buying entry would be at 1.3170 with a target of 50 to 60 pips. The Stop-loss for the buy trade would be just below the 1.3130 level.
On the other side, the pair can be sold if it rallies to 1.3265. Once again the target would be 50 to 60 pips and the stop-loss for this short trade would be slightly above the 1.3300 resistance level. Only a breakout above or below the current range will provide insight to the future movement of the pair.