GBP/USD Price Analysis: Up 25 pips but trades in a familiar range

• GBP/USD trades higher on Thursday but is still stuck in the three-day range of 1.3538-1.37. 
• A range breakdown would open the doors for a test of SMA support. 

GBP/USD is currently trading near 1.3625, having found bids near 1.3620 early today. 

While the pair has gained roughly 25 pips, it is still trapped in the range of 1.3538-1.37 established over the past three days. The 14-day Relative Strength Index (RSI) is also indicating indecision or range play with a triangle pattern. 

A close above 1.37 would signal a continuation of the rally from the September low of 1.2675 and create room for a rally to at least 1.3862 (range breakout target). 

Alternatively, a downside break would open the doors for the 50-day Simple Moving Average (SMA) support, currently at 1.3329.

Daily chart

Trend: Neutral

Technical levels