GBP/USD is Trading in a Sideways Range

The British pound fell against the US dollar noticeably last Friday within the gradual bearish bias, approaching by a few points from the official target station 1.4070, recording its lowest level at 1.4080.

On the technical side today, the positive trades regained control of the pair’s movements, benefiting from the base on the 1.4120 support floor, and in general above 1.4080.

The positivity of the moving averages contradicts the negativity of the stochastic oscillator. Therefore, we prefer to remain neutral for the moment to be in front of one of the following scenarios:

To get an upside move, we need to witness intraday stability above 1.4120 and in general above 1.4080, in addition to breaching 1.4210, and from here the bullish bias is the most preferred, targeting 1.4265 and then 1.4330.

Activating short positions depends on breaking 1.4080, which puts the pair under strong negative pressure, its initial target is 1.4030, while its official target is around 1.3975.

S1: 1.4095	R1: 1.4210
S2: 1.4030	R2: 1.4265
S3: 1.3975	R3: 1.4330