The GBP/USD pair has been trading higher since the 2nd of December 2015. The buyers managed to lead the price from as low as 1.4897 to as high as 1.5155.
On Friday, the pair fell slightly, ranging between the levels of 1.5155 and 1.5077, as the strong employment report from the U.S. weighed on the pair. Today, the market continued moving on the sidelines at around 1.5098 initially to then move lower between the levels of 1.5082 and 1.5054.
In the event that the sellers keep exerting strong selling pressures, the pair could be forced lower. In case that the price manages to break below 1.5054, the pair could decelerate down to 1.5003 and 1.4977 in extension.
Alternatively, in the scenario where the buyers manage to resume their previous activity and the price breaks above 1.5114, the pair could escalate up to 1.5155 and 1.5225 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.