GBP/USD has moved sideways in a trading range between 1.3027 and 1.3337 for several weeks. As long as 1.3337 key resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.3657, and a breakdown below 1.3027 support could trigger further bearish movement towards 1.2774 support. Near term resistance is at 1.3177, a breakout of this level could take price towards 1.3337 resistance. Above this level would aim at the 1.3460 area.
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