The GBP/USD pair has been trading sideways since the 26th of January 2016, with the price ranging between the levels of 1.4229 and 1.4405.
On Thursday, the pair rallied from as low as 1.4229 to as high as 1.4406, to finish the day lower at 1.4353. Today, the market consolidated for a while, before advancing to session highs of 1.4411, to subsequently fall at 1.4364 at the time of writing. Attention today is turned on the U.S. advance GDP reading.
In the event that the sellers keep exerting strong pressures and the price breaks below 1.4292, the price could decelerate down to 1.4229 and 1.4174 in extension.
Alternatively, in the scenario where the price attempts another bounce to the upside and successfully breaks above the high of 1.4411, the price could rise up to 1.4433 and 1.4479 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.