GBP/USD trading without short-term direction on the Daily Chart

gbp-l3GBP/USD (current price: 1.3240)

Cable reacted in a less bullish way to the negative U.S. release compared to other majors, despite a positive announcement regarding Lending Activity in the U.K. earlier on. The pair still trades in a bearish flag consolidation pattern following the Brexit-lows, and the 1.3550 resistance seems to be holding back the Pound since the referendum. Short-term support stands at 1.3100, while immediate resistance is found near the 1.3285 level, as the declining 200-day MA is way above the current rate at 1.43

Our assessment: Cable has been trading in a narrow range for two weeks now, as volatility declined following the wild post-Brexit period. A new powerful move is possible should the pair leave the current range in either direction.

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