GBP/USD - in a Narrow Range After the Aggressive Upward Run - 04/25/2017 (GMT)

After last Tuesday’s aggressive run, the GBP/USD pair failed to extend its gains above the 1.2900 resistance level. However, the price surged more than 2% during last week. Until last week the pair is developing within a narrow range with upper boundary the 1.2850 and lower boundary the 1.2770.

From a technical point of view, if there is a break of the trading range in either direction will drove the pair up to the 1.2920 strong psychological resistance level or to the downside towards the 1.2700 support obstacle. The technical indicators are confirming the recent bearish thought as both are moving lower. The Relative Strength Index (RSI) after the bounce off the overbought zone started a solid fall and is approaching the 50 level. Additionally, the MACD oscillator is plunging and is holding below the trigger line.