GBP/USD: Short Opportunity at Key Resistance Amidst Sideways Trend

Fellow traders, I am observing GBP/USD closely today, with the pair currently trading at 1.26491. The market has been notably sideways, with a very tight 24-hour range between 1.26478 and 1.26504. My technical analysis indicates a potential short-term opportunity, aligning with a position trading timeframe.

Technical Setup and Rationale

The immediate resistance level for GBP/USD is clearly defined at 1.265. Given the current price action, which has seen the pair test this level but fail to sustain a break higher, a short entry at 1.265 presents a favorable risk-reward profile. The tight daily range reinforces the significance of these immediate boundaries. My strategy involves entering a short position at this resistance.
To manage risk effectively, my stop loss is set at 1.2652. This places it just above the immediate resistance, allowing for minimal tolerance for a false breakout while protecting capital. For the take profit target, I am looking towards 1.2646. This target is situated just below