GBP/USD—Uneven Sideways Trading in all-too Familiar Territory

GBP/USD (1.4936)

• Resistance Levels: 1.4985, 1.5092, 1.52
• Support Levels: 1.4705, 1.4598, 1.4462
• Trade Strategy: Stand Aside

The GBP/USD continues to oscillate in an erratic sideways patter just below the pivot at 1.50. Please see the below daily MT 4 chart.

Note near term resistance at the end of a congestion area that ranges from 1.4950 to 1.4985. A daily close above this level will challenge the next technical resistance level at 1.5092. A close below the technical support at 1.4705 will challenge the next support level located near 1.4598.

We are trading to close to enter a long trade as price action is close to a resistance level. Timing is not quite right from a risk to reward perspective. There are now bearish reversal signs to justify a short trade at this time as well. For now, I am standing aside for a more actionable trade opportunity to develop.