The GBP/USD currency pair chart witnessed a horizontal movement that trapped the price in a range of around 100 pips between 1.26000 and 1.25000.
Since the opening of the week, the price was seen trying to make an increase to test the resistance at the 1.26000 level but still failed to break through.
In the Asian session yesterday, Tuesday, the price was pressed close to the support at 1.25000 before a second attempt to test 1.26000.
However, as was the situation on Monday, the price still failed to continue the increase higher before retreating back down in the New York session yesterday.
The price movement remained in the zone continuing trading in the Asian session this morning (Wednesday) while investors will await the release of the latest economic data that could influence the price direction further.
If the price continues to attempt to break through the 1.26000 resistance, a further increase if successful will target 1.27000.
This level was tested in last week's trading but remains a barrier to further gains.
Conversely, if the price breaks back down, the 1.25000 support will be approached again and the reaction around that will be watched for further clues.
If it breaks below, a fresh 6-month low will be recorded before the price is also expected to reach around the 1.24000 support level.
