- GBP/USD wavers in the middle of 100-pips monthly trading range.
- Upbeat Momentum favors another attempt to cross 200-HMA.
- Friday’s low, monthly top act as extra filters.
GBP/USD pares the previous day’s losses around 1.4150 amid a quiet Asian session on Wednesday. In doing so, the cable pair remains between 1.4110 and 1.4200 region established since May-end.
However, the recent pick-up in the Momentum line could help the quote to again battle the 200-HMA level of 1.4166 before targeting the weekly high of 1.4190 and the range resistance near 1.4200.
If at all the GBP/USD prices remain firm beyond 1.4200, the monthly high, also the highest since April 2018 near 1.4250 will be in the spotlight.
Meanwhile, pullback moves may aim for 1.4130 before testing the stated range’s support close to 1.4110, quickly followed by the 1.4100 threshold.
During the quote’s weakness below 1.4100, the monthly low of 1.4082 may test GBP/USD bears ahead of directing them to the May 13 low near the 1.4000 psychological manget.
To sum up, GBP/USD seeks clear direction inside a 100-pips trading zone.
GBP/USD hourly chart
Trend: Sideways
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