GBPUSD Intraday Bias Neutral, Need Ranging Breakout

GBP/USD opened at 1.2881. The pair climbed to a high of 1.2935, as resistance held firm at 1.3020. GBP/USD was unable to break resistance and fell last week. From the beginning of this week, this pair is gaining bullish momentum and going toward resistance zone again. In the technical point of view, 1.3000 physiological level will be critical for this pair for further upward movement. 

Technical lines from top to bottom

1.3340 has held in resistance since September 2016.

1.3240 is next.

1.3112 marked a low point in June 2016 as the pound crashed after the Brexit vote.

1.3010 is next.

1.2900 has switched to resistance following losses by GBP/USD. It is a weak line.

1.2780 is providing support.

1.2550 is next.

1.2375 is the final support level for now.

GBPUSD Chart

The BoE is forecasting a lower standard of living for Britons due to Brexit, and weaker data could send the pound lower. The US economy remains solid, and the Fed is expected to raise rates two more times in 2017, although there is some doubt about a June hike.