GBPUSD - Range-bound

GBPUSD (1H) - intraday bearish bias

The cable is trading in range between 1.2780 and 1.3000 after the October rally. We expect the price to stay sideways near the 30-day moving average. This provides opportunities for range-bound trading for short-term participants. On the hourly chart, as the price failed to rally above the key resistance of 1.2970, that supply zone is likely to keep the pound muted. The immediate target would be 1.2890. Should the pair venture below that, we may see a bigger sell-off.

Key support: 1.2890
Key resistance: 1.2960