GBPUSD Consolidating Below 1.3000

The British Pound after trading as low as 1.2939 against the US Dollar started correcting higher. However, the upside move in GBP/USD was capped by the 1.3020-30 resistance zone.
The pair is currently consolidating in a range with resistance near 1.3020 and support at 1.2950. At the moment, the pair is below the 100 hourly simple moving average and 1.3000. So, there is a chance that GBP/USD might retest 1.2950 before attempting an upside move.
In the short term, trading with the range pattern can be considered. Alternatively, one may consider waiting for a break either above 1.3020 or below 1.2950 to enter a trade.

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