• GBP/USD trades at 1.2760, up 0.11%, as it nears key resistance at 1.2785.
• Range-bound movement persists between 1.2680 and 1.2785, with mixed momentum signals.
• A break above 1.2785 targets 1.2800 and 1.2888, while a drop below 1.2657 could see a test of 1.2600 and 1.2445.

The Pound Sterling continued to register gains on Friday yet found some resistance at 1.2773, shy of hitting the 50-day moving average (DMA) at 1.2785, which, if cleared, could pave the way for further upside. However, the GBP/USD retreats somewhat and registers modest gains of 0.11%, trading at 1.2760.

GBP/USD Price Forecast: Technical outlook

After seesawing through most of the week, the GBP/USD pair has been range-bound, capped within the 1.2680-1.2785 range for the last four days, with key daily moving averages (DMAs) acting as support/resistance.

Momentum is also mixed, with the Relative Strength Index (RSI) standing bearish yet aiming slightly up.

Hence if GBP/USD clears the top of the range, that could pave the way for higher prices. The first resistance would be the 1.2800 figure. Despite that, buyers need to reclaim the July 29 peak at 1.2888, before challenging the 1.2900 figure.