GBP/USD moved sideways in a narrow range between 1.3027 and 1.3337. The price action in the range is likely consolidation of the downtrend from 1.3657 and a further decline is still possible after the consolidation.
There is a bullish support trend line on the daily chart. A clear break below the trend line will confirm that the upside movement from 1.1946 (Oct 2016 low) had completed at 1.3657 already, then a deeper decline to test 1.2774 support could be seen.
A breakdown below here could trigger further downside movement into the 1.2100 zone. Near term resistance is at 1.3337. Only a breakout from this level could bring the price back towards the falling trend line on the weekly chart, now at around 1.3470.
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