GBPUSD has been developing within a trading range with upper boundary the 1.3640 resistance and lower boundary the 1.3485 support level over the last three weeks.
The price tested the 1.3640 barrier several times as well as the upper Bollinger band with the technical indicators confirming a weak bias. The RSI indicator is moving sideways above the 50 level, while the MACD is trying to extend its positive move above its trigger and zero lines.
A move to the upside may meet resistance at 1.3640 ahead of the 200-day simple moving average (SMA) near 1.3675. The region around the 1.3750 barrier could act as an additional barrier in case of stronger bullish movement.
Immediate support to further declines may be taking place around the 1.3485 figure before breaking the range to the downside. If there are steeper losses, the lower Bollinger band at 1.3405 may halt the bearish actions before plunging to 1.3360.
The picture is looking predominantly neutral at the moment, with price action taking place above the short-term SMAs, though caution is warranted in the near-term as there are some technical signs of a positive market.
