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GBP/USD sideways so far today

The GBP/USD rose above 1.2700 yesterday, peaking at 1.2709. The sharp rebound in the dollar that followed saw the Pound hand back all the earlier session gains, as it fell to 1.2612. However, it did manage to rebound off that low and later closed in the US at 1.2660. So, far today it has not made much progress beyond that US close, but it is not falling back yet. The next resistance is in place at 1.2672 and then at 1.2677. Support is right now at 1.2636 (21 day moving average). As you can see it has been in a tight range so far today (1.2649-1.2668). Ideally the GBP/USD could do with further downside in the EUR/GBP, if the GBP/USD is to rise back above 1.27 and beyond. Well, that cross is a little lower today, but not yet by enough to help deliver such a move. The GBP/USD is currently trading at 1.2665 
 

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