GBP/USD: Short Setup Amidst Sideways Consolidation

Market Observations and Technical Thesis

GBP/USD is currently trading at 1.26751, having experienced a modest 0.2% uptick today, contained within a narrow day range of 1.26375 to 1.27126. The overarching trend remains sideways, with price action exhibiting clear boundaries. We observe immediate resistance at 1.2713 and a more significant level at 1.275. Despite recent attempts, the pair has struggled to sustain a breakout above these levels. The current positioning near the upper end of the recent consolidation range, combined