The GBP/USD has been mostly moving sideways between the levels of 1.5237 and 1.5107, since the 6th of November 2015.
During the course of the session on Monday, the pair ranged between the levels of 1.5229 and 1.5182. Today, the pair initially fell down to 1.514 to subsequently rise up to 1.5237. Taking into consideration that there is significant resistance above 1.5230, the pair could be forced lower. In case that the sellers push the price to break below 1.5154, the pair could decelerate down to 1.5131 and 1.5107 in extension.
Alternatively, in the scenario where the buyers keep exerting strong pressures and the price manages to break above 1.5237, the pair could go up to 1.5283.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.